Snap Inc. revealed today that it has surpassed over 750 million monthly active users and is on track to be only the fourth social networking tool to surpass 1 billion users.

The user figures were released at the company’s annual investor day, with Snap walking through a variety of growth statistics. The 750 million MAU milestone represents strong growth for Snap, which hit 500 million monthly active users in April 2021 and 600 million in April 2022, so in nine months Snap added an additional 150 million monthly users.

At its current growth rate, Snap believes Snapchat will reach more than 1 billion people in the next two to three years. By comparison, Facebook currently has 2.96 billion monthly active users, Instagram 2 billion and TikTok about 1 billion. Behind Snapchat sits Pinterest Inc. at 450 million and Twitter Inc. with approximately 368 million. The Twitter figure is an estimate from Statsita since Twitter no longer publishes its user figures.

Other figures revealed at the event include Snap passing 150 million monthly active users in North America, with Snapchatters in the U.S. opening the app nearly 40 times daily. More than 60% of Snapchatters who open Snapchat each day create Snaps — disappearing photos and videos — and more than 70% of Snapchatters who download Snapchat engage with augmented reality on their first day in the app.

Time spent on Snapchat’s Spotlight feature, a tab in the Snapchat app that shows short-form video content, now exceeds the time spent watching Friend Stories per Story viewer. Launched in 2020, Spotlight is often described as Snap’s TikTok competitor and the company is highly pleased with its growth.

Snapchat+, Snap’s premium subscription service that offers members additional features for $3.99 per month, has reached more than 2.5 million subscribers and an annual revenue run rate of more than $100 million.

Snapchat now reaches more than 75% of 13- to 34-year-olds in more than 20 countries and on average, more than 5 billion Snaps are created every day.

“We have everything we need to build a successful business over the long term,” Evan Spiegel, co-founder and chief executive officer of Snap, told investors at the event. “A large and growing community, an innovative and engaging product that continues to evolve, a strong balance sheet with a track record of positive free cash flow and a long-term vision for what we believe will be the most meaningful advancement in computing the world has ever seen: augmented reality.”

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