FAST Use Rising Amongst UK Households; Snap Shares Soar After 2024 DAU Target Leaked

In today's ExchangeWire news digest: Kantar reports that FAST channels are becoming increasingly popular in the UK; Snap saw shares jump after its 2024 DAU target was leaked; and Shopee reports exponential growth of add-to-cart conversions at its live festival in Malaysia.

UK households turning to FAST

New research from Kantar has revealed that British households are increasingly turning to free ad-supported TV (FAST) channels. Insights from Entertainment on Demand found that 16% of UK households access FAST services on a weekly basis. Additionally, UK homes subscribed to at least one subscription video on demand (SVOD) platform rose by 0.5 million between Q2 and Q3 2023.

Snap shares skyrocket

Social media titan Snap saw shares rise 11% on Monday (16th October) after a media report predicted the company will exceed 475 million daily active users (DAUs) in 2024. The figure, which was taken from an internal memo to staff from Snap CEO Evan Speigel, exceeds Wall Street's estimate of 447 million.

Shopee Live Festival yields major growth

E-commerce giant Shopee has reported 120x growth to add-to-cart conversions at the 10.10 Shopee Live Festival in Malaysia. The firm stated it recorded 30 million engagements during the live event, which offered festival-goers vouchers and spin-to-win mini games.

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Fact of the Day

+20% – Snap's anticipated revenue growth for 2024.

Source: The Verge, via Reuters.