Snapchat came and took the game to a whole another level. With 332 million active users that get on the app daily, the social media Goliath has a net worth of a staggering $16.29 billion.
When you think about what brought the world into the descent of the filter fiasco and the idea of sharing pictures for a short time as a form of conversation, then Snapchat is the only pioneer that comes to mind.
Bringing a new shift into the world of social media, Snapchat dominated the game with its funky and unique interface and the fun and creative filters that become the talk of all social media like Instagram, Facebook, etc.
Snapchat is a one-of-a-kind application that holds its own. It wouldn’t be an exaggeration no or an overstatement to say that Snapchat’s broad test trend of filters sharing pictures is called sending snaps and all of it disappears after one view it.
This unique and different approach to social media interaction brought Snapchat a world of success. We will be discussing its net worth and soaring popularity.
Snapchat Net Worth
Coming to the scene a little later than the other social media platforms, Snapchat came and took the game to a whole another level. With 332 million active users that get on the app daily, the social media Goliath has a net worth of a staggering $16.29 billion.
In one day, approximately 200 million snaps are sent and exchanged by users all over the globe.
Now those numbers can make you go all woozy, and rightfully so because anybody who used Snapchat has only waxed lyrical about it and that only added more to its appeal. One of the reasons for its huge success is that this app caters to people of all ages.
Snapchat has stated that it reaches around 75% of millennials and Gen Z who are glued to their phones and spend half the day on this app. The app is also very famous among teenagers, with 35% using Snapchat. The app continues to see a surge in users, usage, and engagement every year, and it is not surprising seeing its exorbitant worth.
Snapchat was borne as an idea by Rеggіе Вrоwn, who was at that time in Stanford Unіvеrѕіtу, and he рrороѕеd this idea to his unіvеrѕіtу fellow Еvаn Ѕріеgеl all about this concept of an app that shares messages via pictures but would only host these images for a very short time. The idea had a lot of merits, so both got to pursuing it and sought aid from another fellow student known as Воbbу Мurрhу, for he was well versed in coding.
Once things were set in motion, they launched their аррlication on an іОЅ рlаtfоrm as Рісаbоо.
As the app progressed, more and more features were added. The famous story feature came in 2014 that allows the users to put on a story much like a status in WhatsApp, and it lasts for the duration of 24hrs only.
What many may not know is that, like Instagram and WhatsApp, Fасеbооk also tried acquiring Snapchat for $3 billion in their quest to expand; however it did not happen. Snapchat later brought the texting feature and also added the video calling option, which has more or less become the norm for social media platforms nowadays.
Owing to so many users and such a high level of engagement, Snapchat continues to be creative and offers various kinds of filters that range from fashion, fun, and cute to ridiculous and funny.
How Snapchat Works
The app is as simple and delightful to use as you can imagine, and due to this, the world keeps leaning towards it. Snapchat has billions of downloads on the Google Playstore and is considered a staple to have as a social media app.
It works on the simple principle of opening the app, and it takes you to the camera; from there, you choose different kinds of filters, and new ones are added every day. Or you can always browse the endless collection. You snap a picture and send it to your friends, and you can add friends to your Snapchat list just like any other platform; either you send them a request, or they send it to you.
Filters are not the only thing, you can add doodles, stickers, gifs, and text on your snap to make it more special and customize it as you like. Furthermore, you can time your app and control how long the receiver can see your snap: a second, two, or infinity. Aside from the still snaps, you can send the videos too and have your filters and personalization on them as you like.
Another mega thing to come out of Snapchat is the concept of ‘Streaks’. You continuously send each other snaps every day and make streaks, but if you miss a day, the steak breaks. While the streaks don’t give you any type of benefit, it has become a sort of addiction, and people tend to become quite cross if you break a streak with them.
Some people even befriend strangers so they can expand their streaks and have them with more and more people.
Sending and receiving snaps and engaging with more people over Snapchat further improves your Snap Score, and that is like your profile score of how well and active your account is doing. The number that displays between the username and the zodiac sign represents the Snapchat Score. You tap on it, and it shows you two numbers which indicate the snaps you have received and the those that you have sent.
Why is Snapchat so Famous
Aside from the fun and unique interaction it offers, Snapchat is highly popular not only for its fun filters, easy sharing, and perishable format, but people also simply just love playing around with lenses and filters without necessarily sending the snaps to anybody. However, Snapchat has a lot more to offer that adds to its popularity which adds to its net worth and success.
It’s no secret that when a social media platform takes off, celebrities have to be on it, and Snapchat is no different. It allowed the users a chance to see a candid version of their favorite celebrities and influencers as they share their daily lives. Now influences have also taken to sharing their content on Snapchat and tapping into that audience.
Social media has given new meaning to digital marketing as it makes things easier and allows business owners to reach their target audiences in a more laid-back way. You can create your geofilter on Snapchat to promote and improve your customer engagement. Sometimes even songs are added to filters, and it promotes them tremendously by showing the title and the singer as you land on the filter.
People also purchase Snap ads which can appear while users are swiping through the stories. Better yet, it has given people the opportunity to take the signature feature of Snapchat and use it to their promotional advantage. Now business owners can develop their very unique and personal Sponsored Lens that gets featured along the app’s daily selection of filters and lenses that are brilliantly done.
Snapchat came to the scene as none a kind of messaging app that allows for perishable image sharing, and it has held its own for nobody can top the original idea. With such sky-soaring success and mind-boggling net worth, the app will continue seeing a steady surge because every day, it garners more love, engagement, and attention.