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| Image: Mashable.com Left: Snapchat CEO Evan Spiegel Right: Facebook founder Mark Zuckerberg |
First of all, Snapchat is currently neck and neck with Facebook in one key metric: photos shared daily. According to Business Insider, Snapchat users reportedly send 400 million "snaps" daily. This number has drastically increased from 200 million "snaps" in June. In comparison, Facebook users share on average 350 million photos per day. To add perspective to this number, Snapchat currently has considerably fewer users than Facebook meaning that as Snapchat's user base continues to grow the amount of photos shared daily will increase exponentially. This situation comes down to the classic phrase, what's better: a bird-in-the-hand or a bird-in-the-bush? Snapchat truly must believe the bird-in-the-bush is bigger. The chart below shows the breakdown of top photo-sharing sites.
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On a different note, we must consider the draw and user base of Snapchat. Photos shared on Snapchat leave no trace. They are inherently and fundamentally ephemeral. Due to this nature, Snapchat developed a reputation as an easy and "safe" way to send sexually explicit photos. At the same time the app gained users understanding it as a fun and easy way to share photo messages. Snapchat could easily build a business out of its niche audience of teens and "sexters." However, if they want to build a business that is considered at a value four times greater than Instagram, they need to continue to attract new users and keep them there.
I think it's really cool that snapchat denied the $3 million offer, it makes me wonder what else they have in store for us! Most companies would jump at the opportunity to team up with facebook, but snapchat obviously has something bigger and better planned. I can't wait to see what it is!
ReplyDeleteThere really is an incredible amount of potential for Snapchat. Imagine being friends with the a famous athlete or actor, and being able to see what they see! Twitter has been supplying us with this kind of engagement, but a picture is worth a thousand words! Think of the business side of it. Imagine Nike teaming up with Snapchat and being able to send snaps of a brand new product. Engagement of that magnitude is incredible to a consumer, lets them know the corporation has them in their best interest.
ReplyDeleteIt is incredible to me that Snapchat is able to be so competitive with Facebook and Instagram. However, I think that Snapchat should have taken the offer. I don’t foresee Snapchat being such a popular form of social media for much longer. It seems to be a fad that has really taken off but will face a decline in popularity sooner or later.
ReplyDeleteThe stat that as many photos are shared on Snapchat as on FB is just mind boggling,considering how new to the market Snapchat is.
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