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Despite attracting a massive user base, Snapchat's monetization remains unimpressive compared to competitors who experienced more substantial financial success with lower user bases. For instance, while Snapchat earned $5 billion in annual revenue, Meta pulled in $164 billion, leading to significant profit disparity.
Facing Competition and Changing User Preferences
Snapchat’s woes are further compounded by fierce competition. The once-innovative features it introduced have been swiftly copied by larger platforms like Facebook and Instagram. Snapchat faced the challenge of being both the pioneer and the victim of its own innovations, continually losing its competitive edge.