Snap Inc’s FutureOctober 16th, 2017
Snap Inc is the parent company of the Snapchat, a social media image messaging mobile application. Snap Inc went public on the New York Stock Exchange on March 2, 2017, and has since continued to struggle to compete against Facebook/Instagram.
Snap Inc Spectacles are sunglasses that have one camera on the right side, which allow you to shoot 10-30 seconds of video from your viewpoint that you can post to Snapchat.
Snap Inc first released these spectacles in Venice, California boardwalk in vending machines for $129.95, and every couple days Snap Inc. would release these vending machines in different cities.
However, such glasses from Snap Inc. were never meant to go into mass production, they were primarily meant to be a marketing tactic – to help Snap Inc gain some momentum amongst investors. This marketing move came right before Snap Inc’s huge IPO, which had a good start but ultimately was negatively affected by Snap Inc’s less than expected earnings.
Recently, Facebook-owned Instagram has started eating into Snap Inc’s revenue stream by launching their own “stories” mode, which has about 200 million daily active users – more than Snapchat. But Evan Spiegel, CEO of Snap Inc, is now transitioning Snap Inc into more of a camera company so that he can diversify the company’s products and services and not have to solely rely on Snapchat for revenue.
The world seems to be moving towards a direction to where users would rather have one app with all the features they want… so if everyone uses Facebook every day, and can do just about everything you can do on Snapchat, why should anyone use Snapchat?
This is a great example of how Facebook (and Google for that matter) control so much. They have the most users, have the most users, which means they have the most data, and essentially means they have a monopoly in their respective fields. Facebook for Social Media platforms, and Google for search and ads. Whatever Snap Inc decides to do now in terms of how they approach their users will determine how they compete with Facebook in the future. If they make the wrong move, I could see them disappearing.