This week, news broke that Snapchat confidentially filed for an IPO, and industry watchers expect the company to go public sometime early next year. With a predicted valuation of $20 to $25 billion, Snapchat is on track to become the largest American tech IPO since Facebook’s $81.2 billion debut, according to Reuters.
Snapchat is still proving itself as a profitable ad platform, as the social network continues to expand its appeal beyond its core demographic of millennials. And CEO Evan Spiegel isn’t just concerned about sheer user numbers – he’s also focused on user engagement metrics, such as the amount of time users spend in Snapchat’s app on a daily basis. So how much time do users collectively spend on Snapchat, and who spends the most time using the app?
Millennials Spent Nearly 5.5 Million Days Using Snapchat in October
Verto Analytics’ latest data on Snapchat should make Spiegel happy: over the past six months, Snapchat users in the U.S. (among adults, ages 18 and over) have collectively been spending an increasing amount of time in the app. In October alone, Snapchat users cumulatively spent more than 6.5 million days using Snapchat. Led by users ages 18-24, who collectively spent more than 3.5 million days using Snapchat over the course of October, these numbers represent half a year of fairly consistent growth: in comparison, Snapchat users cumulatively spent just 3.8 million days using the app in May.
As Snapchat edges closer to its planned IPO, its user engagement metrics are sure to come under even more scrutiny. The time that users spend in the app, the amount of time spent per user, and other demographic and behavioral data will gain greater importance as analysts and potential investors assess the company’s long-term prospects.