Every millennial has it, and almost every parent hates it. Snapchat is a service for smartphones that allows for users to send primarily “snaps” in form of videos, or pictures, but also texts, video calling, and audio calling. The app, which was started back in 2011, has gained excessive fame as almost anyone with a smartphone has it. Over 187 million people worldwide use the app daily, which creates a large net worth for the app in general. Snapchats net worth is 3.8 billion dollars, created by Stanford University students Evan Spiegel, Bobby Murphy and Reggie brown. Recently, the creators founded Snap, Inc., composed of Snapchat, Bitmoji, Spectacles, and Zenly. Reason for the incorporation is for outside investments in the form of stocks.
Snapchat has definitely had its ups and downs, costing the application to suffer some minor and major losses in users. An update was meant to make the app more friendly for new users received excessive backlash from current users. Although, the update did not lower the stock too drastically. The most recent tragedy for Snapchat is that Kylie Jenner no longer uses the app. This might not seem like a big deal, but after her tweet Snapchat’s stock lost $1.3 billion. Kylie wields extraordinary influence on the platform. Her celebrity status adds fuel to the backlash surrounding the app's major redesign. To make matters worse, other companies are jumping on the bandwagon of stories and picture messaging.
Instagram, owned by Facebook, has Snapchat users flocking by the hundreds to use their version of stories and personal messaging. People can upload photos, take photos, apply exclusive filters, add stickers, and more for others to view over a 24 hour period. The competition from other apps is a threat to take seriously. Even though other are staying true to Snapchat’s originality, Instagram updates including gifs and filters attract more and more.
Snapchat will continue to grow in their amount of downloads and users. But other factors come into play with the success of the app. These factors affect everyone who uses it, and that can inhibit, or push the growth of the app.
Yurieff, Kaya. “Snapchat Loss in Stock.” CNN Money, 23 Feb. 2018, money.cnn.com/2018/02/22/technology/snapchat-update-kylie-jenner/index.html.
Coalo , JJ. “Snapchat.” Forbes, Forbes Magazine, 20 Jan. 2014, www.forbes.com/forbes/welcome/?