Snapchat is famous for its disappearing pictures – but it might not be quite so happy to see its users disappearing too.
The social network has reported that for the first time it has started losing users who log in once a day.
Over the last three months, the number went down from 191 million to 188 million. Snapchat also experienced its slowest user growth ever during the month of May.
These drops came as the company embarked on a huge redesigned and also committed to building hardware in the form of camera-toting spectacles.
The platform has been under pressure from Facebook’s line-up of apps, which have aggressively competed with Snapchat for millennial social media users in recent years.
Rival image and video app Instagram introduced Stories – its own version of Snapchat’s Story feature – two years ago, and it has since grown to have a larger user base than the whole of Snapchat.
Snapchat’s major redesign, first introduced towards the end of 2017, was also met with criticism by many users – including high-profile users such as Kylie Jenner – eventually forcing a further redesign.
But despite huge competition from the Zuckerberg empire of Facebook, WhatsApp and Instagram, Snapchat has just welcomed in a Saudi Arabian prince as its latest stakeholder.
Prince Alwaleed bin Talal has just bought a 2.3% stake in Snap, Snapchat’s parent company, to the tune of $250m (£190m).
“Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it,” Prince Alwaleed said in a statement.
And Snapchat’s CEO and co-founder Evan Spiegel also doesn’t feel like his selfie-sharing network is in any trouble.
“We feel that we have now addressed the biggest frustrations we’ve heard and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right people,” he told analysts on a conference call Thursday.
So it doesn’t look like Snap is scared of big, bad Facebook just yet – even if less and less of us are using it.
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