The future isn’t looking too bright for Snapchat.
Research firm eMarketer is predicting that Snapchat will continue losing users this year, following a steady decline since its last major site redesign in 2017. More specifically, Snapchat’s value will go down by 2.8% as compared to 2018, which translates to the social media platform’s userbase dropping to about 77.5 million monthly users this year.
This is quite far from last year’s projections when eMarketer had predicted that Snapchat would increase its US users to 90.4 million monthly users. eMarketer also added that many of those who will leave Snapchat will simply flock over to Instagram, another social media site that has similar features to Snapchat. According to the firm’s predictions, Instagram will have around 106.7 million users this 2019. This number could even grow further by about 19 million more users by the year 2023.
Snapchat’s userbase decline first started in 2017, after the platform underwent heavy redesigns. By 2018, it was obvious that most users were displeased with the new developments, so Snapchat tried to revert the damages by slowly bringing back the old platform. The deed was done, however, and Snapchat had already reached its all-time low on the stock market.