In a note sent to all employees this month, Snap CEO Evan Spiegel said the company aims to grow their user base by 30% to 450m by the end of next year, with an accompanying $350m revenue increase to come from the paid subscription Snapchat recently introduced - Snapchat Plus - that allows users to unlock additional features. The platform will also expand "in at least one new large country or demographic" and will “onboard more 30- to 40-year-olds”. Other memo highlights include goals to grow time spent on the platform by 10% per user in 2023 and AR-based advertising to make up 10% of total ad revenue next year. Read the full memo here.
