Snap Inc. reports significant growth in its advertising platform, with the number of active advertisers more than doubling year-over-year in Q2 2024.

The tech giant reached over 850 million monthly active users and 432 million daily active users. 

It broadened and deepened engagement, with global content viewers growing 12% y-o-y and global time spent watching content growing 25% y-o-y. Adjusted EBITDA flow was 55%, up from 22% in Q1. 

The company attributes this expansion to investments in machine learning models, improved signals, and new ad formats.

“These days, it’s not enough to simply concentrate on either Direct Response or Brand Awareness – marketers need an expansive set of solutions that cater to the full range of the customer journey, capturing and generating demand,” Snap stated in a press release.

Lead Generation Suite

Recent updates to Snapchat’s Lead Generation suite have yielded notable improvements.

The company reports a 69% reduction in cost-per-lead, a 62% increase in lead form submission rate, and a 21% rise in click-through rate compared to the previous year. 

New features include Zapier integration for CRM reporting automation and enhanced lead optimization.

Snap has extended its 7-0 optimization for app advertisers to support app install, purchase, and re-engage purchase capabilities. The company states that gaming clients, including Roblox, see a 30-50% improvement in return on ad spend (ROAS) on the platform.

Value Optimization

Snap is testing Value Optimization for app advertisers. It allows bids on the basket value of driven purchases, which helps advertisers maximize returns by focusing on the total value of purchases rather than just the number of conversions. 

Early results show promise for mobile gaming and eCommerce advertisers. Lancôme, a L’Oréal brand, reports a 38% increase in average purchase cart size and a 4.4x increase in ROAS using this feature.

Landing Page View 

Web advertisers using Snap’s new Landing Page View optimization have seen improvements in site engagement and traffic quality. 

Wrangler reports a 34% increase in CPM efficiency, a 3.8x increase in platform conversions, 212% higher ROAS, and an 80% improvement in cost-per-outcome efficiency.

AR First Lens Unlimited

In brand advertising, Snap has launched First Lens Unlimited, an enhancement to its AR takeover product. 

The company reports that this feature has driven a 25-45% increase in incremental impressions for advertising partners during testing.

Snap’s research indicates that campaigns combining AR ads with video ads on the platform see an average of 1.6x higher Ad Awareness Lift than video ads alone. 

A study conducted with OMD and Amplified Intelligence found that Snapchat campaigns, including AR, drive 5x more active attention than industry peers.

The company is also introducing AI-powered creative tools, including a GenAI Copy Generator for creating ad headlines. Snap suggests this tool may be particularly useful for localizing ad copy in non-English-speaking markets.