Snap Camera India Revenue Grows 20% to ₹79 cr in FY23
Snap Camera India, the local unit of social networking and messaging platform Snapchat's US-based parent company Snap Inc, has reported a 20% increase in revenue to ₹79 crore for 2022-23, compared to ₹65.7 crore in the previous fiscal.
According to the financial data obtained from the Registrar of Companies, the company's net profit surged 24% to ₹7.7 crore, as against ₹6.2 crore in the previous fiscal. Expenses went up 20.2% to ₹69 crore from ₹57.4 crore.
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Offering CollegeCourseWebsiteUniversity of Western AustraliaUWA Global MBAVisitIndian School of BusinessISB Leadership in AIVisitIIM LucknowIIML Chief Operations Officer ProgrammeVisitSnapchat has around 200 million monthly active users in India, with a substantial presence among people aged 13-34.
The company generates a significant portion of its revenue from advertising and offers a monthly subscription service called Snapchat+ in India. It also has a short-form video platform called Spotlight.
According to industry observers, Snapchat's ad revenue in India is under-indexed despite its large user base and strong double-digit growth in digital ad spending by brands.
Queries sent to Snap India remained unanswered till press time.
Media investment firm GroupM expects digital ad revenue to increase 13% to ₹88,502 crore in 2024, accounting for 57% of overall ad spend.
Google and Meta's India units reported a 13% increase in combined gross ad revenue in 2022-23, reaching ₹46,348 crore, up from ₹41,115
