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Benzinga
Benzinga
Technology
Anusuya Lahiri

Snap Ramps Up International Expansion Capitalizing On Cleaner Image

SNAP Japan Brazil Italy Mexico NYSE Spain Alphabet Inc ByteDance Ltd FTC
  • Snap Inc (NYSE:SNAP) sped up its global expansion from Mexico to Japan through tie-ups with wireless carriers and highlighting its popular augmented reality features, Reuters reports.
  • Snap remained largely unscathed by global governments and regulators and has developed a playbook for attracting users in new markets that plays up the appeal of its light-hearted AR (augmented reality) lenses, the report adds.
  • Contrastingly social media platforms like Meta Platforms Inc (NASDAQ:FB), Twitter Inc (NYSE:TWTR), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube, and ByteDance Ltd's TikTok faced global scrutiny over harmful content, lax privacy and cybersecurity protections, which has led to outright bans of the services in some countries.
  • Related Content: FTC Investigating Facebook On User Privacy Concerns: Report
  • Snap looks to deepen its Indian presence and attract new users globally, starting with Japan, Indonesia, Brazil, Mexico, Italy, and Spain.
  • Japan, Brazil, Italy, and Spain are among the top 10 online advertising markets worldwide, and the total amount spent on online ads in those markets amounted to $33 billion in 2020, the report notes, citing MoffettNathanson research firm.
  • Price Action: SNAP shares traded lower by 2.52% at $34.14 on the last check Friday.
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