Will Snapchat dethrone TikTok to become the fastest-growing social media platform in 2023?

Will Snapchat dethrone TikTok to become the fastest-growing social media platform in 2023?

Despite having lower profitability and fewer users compared to other social platforms, Snapchat has been experiencing impressive growth. Since 2018, Snapchat’s user base has doubled, surpassing the growth rates of major players in social media. According to OnlyAccounts.io, Snapchat is expected to become the fastest-growing social media platform in 2023, with a projected user increase of 13.4%, potentially surpassing TikTok.

Snapchat is growing almost twice as fast as Instagram.

Starting in 2011, Snapchat quickly climbed the ranks of popular social media apps. Last year, nearly 550 million people worldwide used the app to share moments from their day, a significant increase from the 245 million users reported in 2018. This remarkable growth followed Snapchat’s efforts to offer users a unique experience for sharing photos and videos. So far, the platform has introduced over a hundred features, including Stories, Spectacles, Spotlight, voice filters, and Bitmoji TV.

While Snapchat still lags behind Facebook and Instagram in total user numbers, it is poised to experience the most significant annual growth among all major social media platforms, with a user base expected to grow by 13.4% in 2023. This means that Snapchat’s user base is expanding almost twice as fast as Instagram, which is projected to see a 7.9% increase this year. Snapchat’s growth rates are even more impressive compared to Facebook, the number one platform in social media. According to eMarketer, Facebook will experience the smallest annual increase among leading social platforms, just 1%. TikTok closely follows Snapchat, with a 12.7% increase in users expected in 2023. On the other hand, Twitter is the only platform set to see a decrease in its user numbers, declining by 2.7% annually.

More than 670 million people are expected to use Snapchat by 2027. Over the last five years, over 300 million people have started using Snapchat to share photos and videos. It is the most popular social network among teenagers, especially in the United States, where almost 60% of users aged 13-24 use it daily. The increasing popularity among younger generations is expected to bring approximately 90 million new users to Snapchat within four years. According to Statista, the app is projected to reach around 674 million users and achieve a new peak by 2027.

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