Snap reportedly lays out goals for 2024, including 20% advertising revenue growth

Camera company Snap (NYSE:SNAP) has reportedly laid out its goals for 2024, including growing advertising revenue by more than 20%.

The Evan Spiegel-led company, which has struggled mightily since Apple (AAPL) introduced its App Tracking Transparency policy as part of iOS 14, said it wants to end next year with more than 475M daily active users, The Verge reported, citing an internal letter from Spiegel to employees. As of the end of the most recent quarter, Snap had 397M daily active users.

Additionally, Snap, which competes with the likes of Meta’s (META) Facebook, Instagram, Pinterest (PINS) and Google’s (GOOG) (GOOGL) YouTube, is also looking to grow its content viewers to roughly 80% of its daily active users, the news outlet added.

Snap did not immediately respond to a request for comment from Seeking Alpha.

Santa Monica, California-based Snap (SNAP) also wants grow content view time per viewer by at least 15%, both in the U.S. and around the world. Snap also wants to grow overall revenue and earnings, aided in part by the aforementioned 20% year-over-year growth in advertising goal.

In addition, Snap (SNAP) wants to end the year with 14M Snapchat+ subscribers and $500M in revenue not related to advertising. Last month, Snap (SNAP) said it topped 5M paid subscribers, each of whom pays $3.99 per month.

Other financial goals include $500M in adjusted EBITDA, as well as positive free cash flow, the news outlet added.

In product related news, Snap (SNAP) wants to further its ambitions in augmented reality, in part by growing its Lens unique users to roughly 75% of daily active users. It also wants to increase the number of Lens Actions by 10% or more per user, while also incorporating generative artificial intelligence in Lens and content creation.

Snap (SNAP) shares closed down 4.7% on Friday and ticked down around 0.5% in extended-hours trading.