Twitter’s new CEO Jack Dorsey announced plans to lay off 336 people and downsize the engineering team. On the same day Snapchat announced it was eliminating the 15-person Snap Channel team. L2’s Intelligence Report: Social Platform finds Twitter and Snapchat to be lacking in a scale. While a few innovative brands (Alex and Ani, Rebecca Minkoff, Nars, and Audi) are starting to experiment with Snapchat, the platform is far away from being a must have for brands. And while almost all brands (96.3%) in L2’s study have a presence on Twitter, the social platform has a fraction of the engagement of Instagram (1/55 at the time of the study) and the reach of Facebook.
Snapchat users send and share more than 700 snaps daily, which is 12x and 2x the number of uploaded photos shared on Instagram and Facebook respectively. That shows high potential for engagement on Snapchat, but the new content direction suggests it could best be reached by moving away from being a source for news or creative content.