Snapchat, the multimedia instant messaging app, is optimistic about India after surpassing 200 million subscribers in less than 2.5 years. Evan Spiegel, co-founder and CEO of Snap Inc, the $4.6 billion business that owns the app, told Business Today in an exclusive interview that the app's user base in India is growing and that "it is a great time to be here."
The 33-year-old said there was a lot of enthusiasm watching teenagers express themselves on the app at the lovely Amanbagh (near Jaipur). Snapchat's target demographic is between the ages of 13 and 34. "It's quite incredible to see how people in India have been using augmented reality and showing their videos to friends." To me, it is evident that there is a significant opportunity to be in India, in addition to this being an excellent time to do so."
Globally, advertising accounts for over 99 percent of Snap Inc's revenue. In India, too, the rapid expansion of digital has been a significant story, and the corporation wants a piece of that. According to several estimations, digital advertising spend exceeds Rs 40,000 crore (about $8 billion) and continues to increase rapidly.
On Snapchat's distinctiveness, Spiegel states unequivocally, "A picture is worth a thousand words, and it is clear how Snapchat has grown well in many other parts of the world." It stems from the fact that young people enjoy the idea of expressing oneself."
"It's been a lot of fun just watching people use Snapchat," he adds of India.
It was created as a platform to provide an alternative to social media. The software distinguished itself from the competitors by allowing users to express themselves using a camera. The company was founded in 2011 and is headquartered in Santa Monica, California.
Because submitted content is only available for a limited time, Snap sees data minimization and privacy as crucial differentiators. In India, the increasing emphasis on privacy is considered advantageous in comparison to other social media sites.