In November of 2013, Snapchat’s worth was estimated to be around a billion dollars. Snapchat today boasts millions of users, with over 300 millions photos sent each day through the app. In November Facebook made what seemed to me a ridiculous offer of 3 Billions dollars for the ownership of Snapchat. Amazingly, Snapchat declined the huge offer, showing that it believed they have big things in store.
At the time of the offer, it seemed the owners of Snapchat were confused into thinking the app would last, as opposed to just being a fad like many believed it to be. The question was, what could the makers of Snapchat possibly have in store that would prompt them to decline such an enticing offer. A brilliant article in Forbes magazine showed why Snapchat was, in fact, acting in their best interest when they declined the offer. The article pointed out that “Snapchat has the potential to build something that is much bigger and management has so far demonstrated that they have the chops and ambition to get this done.” This seems to be true, as Snapchat’s users have increased each month since it was created. Also, the app has added a “My Story” aspect, where users can upload photos for all their friends to see.
I think the most essential aspect of Snapchat shows the reason why they chose to decline Facebook’s offer. Forbes’ article said of snapchat that “It is a medium of communication that is very different from network photo sharing, and more akin to what SMS of the future may ultimately evolve to.” I think this couldn’t be more true. It seems that messaging is moving past just instant messaging and texting, but more into photo sharing as a medium of communication.Read More