With an army of teens snapping their every move, Snapchat is the fastest growing social network around, which has caused the Snapchat net worth to soar.
Since launching in 2011, social network Snapchat quickly integrated itself into most of our lives.
The majority (37%) of the app’s users are aged 24 or younger. However, 25 to 54 year olds account for 38% of the apps user base. Just 2% of Snapchat users have reached the age of 55, but that still equates to 6 million people. With over half of new registrants now aged over 25, Snapchat is no longer dominated by the young.
With 166 million daily users sharing pictures of their meal, posing with dog ears and sending embarrassing selfies to their closest friends, Snapchat is slowly catching up to competitors Instagram and Twitter.
Snapchat net worth: How is Snapchat monetised?
Snapchat is a photo sharing app, which allows contacts to send each other pictures and videos (known as ‘snaps’). Users have 10 seconds to view these files after opening them. Once the time limit reaches zero, the snap disappears.
There are a number of ways for users to customise their snaps. Users can use geofilters to display their location. Likewise, you can add special effects to an image using lens filters.
Snapchat have struggled to find ways to monetise their service. However, with a number of concerned investors on their back, the company have come up with a number of ways to generate revenue and increase the Snapchat net worth.
Despite attempts to monetise the filter features, by offering companies the ability to create and display their own custom creations, this made them just $102 million in revenue in 2016.
However, Snapchat also introduced Discover and Stories, which have been a big hit. Using Discovery, companies post a series of snaps to their fans. Likewise, regular users post to their Story. Unlike standard snaps, these files disappear after 24 hours. Once a user views a certain number of snaps, an advert is displayed. The Discover and Stories features generated $246 million in revenue throughout 2016. Despite their attempts to find other money sources, Snapchat quickly discovered that standard ads works best.
Snapchat currently operates at a loss. However, their revenue streams are improving and things are looking up for the tech company. As a result, Snapchat now boast a market cap of $24.5 billion.