While Facebook CEO Mark Zuckerberg invests billions of dollars on the metaverse, Snapchat CEO Evan Spiegel has criticized the new technology, calling it “very unclear and hypothetical.”
The term “metaverse” is never mentioned in Snap’s headquarters, according to Spiegel. “We don’t use that word because it’s a little too unclear and hypothetical. Simply ask a group of people to explain it, and each person’s definition will be completely different “In a report published on Thursday, he was cited as stating.
People would rather spend time in augmented reality (AR) than in a completely virtual environment, he claims.
Snap revealed a slew of new features across its platform on Friday at its annual Partner Summit, demonstrating how the AR experiences it’s built with partners effortlessly blend into people’s daily lives.
According to the firm, Snapchat now has over 600 million monthly active users and over 332 million daily active users throughout the world. “Snap currently collaborates with over half a million partners, producers, and developers to create innovative goods and services to its community,” it continued.
Snapchat is growing faster than Facebook and Twitter, and the app said last week that its daily active users (DAUs) increased by 18% to 332 million in its last quarterly report (year-on-year). While Facebook (now Meta) had its first decline in DAUs last quarter, Twitter’s monetizable DAUs increased only 2% in the US and 15% globally. Snap’s revenue increased 38% year over year to $1.06 billion in the quarter ending March 31, 2022.
“Despite a challenging operating climate, our first quarter results reflect the underlying momentum of our business,” Spiegel added. More than 250 million Snapchatters have used augmented reality shopping, more than 5 billion times since January of last year.
