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Snapchat revenue to hit $300m

Snapchat claims it's on course to generate $300m in revenue this year

Snapchat revenue to hit $300m

Snapchat's total earnings are set to leap to $300m this year say company insiders.

The image-sharing app is aiming to lock down between $300m and $350m in revenue in 2016; seven times the $50m it projected for 2015, according to a Report from Re/code which spoke to sources familiar with the matter.

The uptick in projected revenue is the latest indication that Snapchat is looking to bulk up its ad offering and translate its growing popularity into numbers.

While advertisers and publishers, including Burberry, BuzzFeed and Pepsi, have been flocking to the service, Snapchat is still firmly in the test-and-learn arena when it comes to advertising on the platform.

Over the past 12 months it has launched a host of new products, including Sponsored Lenses and Geofilters. It's also tried to appease brands' concerns around measurement by teaming up with Neilsen to iron out transparency issues, but a recent investigation by The Drum found that marketers were still considering the platform for campaigns on a "brand by brand" basis.

Just last week the startup announced that is had raised $175m in a funding round following a cash injection from investment firm Fidelity. The company has raised approximately $1.4bn in funding since it launched, and has been valued at $16bn.