Until recently, Snap's Map was somewhat of a hidden feature that savvier Snapchatters used to track friends' locations and post place-based pictures. Snapchat has its eye on using AR to upend retail shopping, and integrating that experience into its Maps function. And Yelp, the publicly traded listing and reviews platform, brought in over $1 billion in 2019 before the pandemic reduced its 2020 income to about $873 million.īy comparison, Snap's 2020 revenue, the bulk of which derived from ads inserted in between user-uploaded videos and on the company's curated-content platform, was $2.5 billion. Morgan Stanley has projected that Google Maps will earn $11 billion by 2023. Maps and listings have attracted big advertising dollars for other tech firms. "It represents a logical on-ramp to Snap's advertising platform for millions of small businesses around the world." " a multi-billion dollar platform over the long term," CFO Derek Andersen told investors last month. Snap is betting that restaurants, boutiques and the millions of other small businesses across the world will purchase ads and help grow the company into a behemoth, much like they have other big tech companies such as Facebook and Google's parent Alphabet. Since June last year, the Santa Monica company headed by Evan Spiegel has been populating its Map with small businesses like Bideau's, hoping to eventually convert them into paying advertisers. The feature is one of many products Snap is planning to use over the next few years to carve out a path to profitability and generate long-term returns. Libby Bideau, owner of Brentwood-based Libby Pilates, was surprised to hear that her small business appears on the Snapchat Map.
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