Things may finally be looking up for Snap’s business. The social media platform has been struggling to turn user attention into ad dollars since last year and thus, spent the bulk of 2023 in the red with depressed revenue. But Q3 could be a turnaround point if Snap can maintain momentum.
Snap doubled down on its AR capabilities with the goal of it being a selling point for advertisers. It even launched, and quickly sunsetted, an AR Enterprise division that vowed to give advertisers AR tools. Still, marketers saw Snap as a nicety rather than a must have as AR has yet to prove itself in value beyond entertainment and marketing stunt headlines.
At the same time, Snap was weathering leadership changes as its first and former president of the Americas, Rob Wilk, exited after a short tenure, and its chief operating officer Jerry Hunter retired. Since then, Meta’s former VP of global channels Patrick Harris, in September was promoted from SVP of partnerships at Snap to fill Wilk’s role as Snap’s new president of Americas and global partnerships.