As the name suggests, Snapchat is an application that allows its users to chat with their friends while taking and sharing pictures in a much easier way. The main advantage of the app is that it automatically perishes the picture you shared within a certain time period which ensures the privacy of the users.
The simple yet attractive user interface of the application has amassed a huge number of users all over the world which made Facebook propose a $3 billion bid to acquire it in 2013. Continue reading to gain information regarding the net worth of Snapchat.
In 2011, Reggie Brown, a student of the Stanford University proposed to his fellow university mate Evan Spiegel about the idea of a messaging and picture sharing app that would host the shared photos only for a short period of time. The duo sought the help of another Stanford student Bobby Murphy, as Bobby was familiar in coding.
After months of work, the trio launched an app on the iOS platform on July 8, 2011, in the name of Picaboo. After the launch of the app, Spiegel and Bobby made Reggie Brown leave the company saying that he had nothing to do with the app’s concept and they solely developed it.
The app’s name was changed to Snapchat in September 2011, and the MD of Lightspeed Ventures Barry Eggers learned about the application through his teenage daughter which made him invest $485,000 in the company in April 2012. By May, the app gained popularity and started to process 25 images per second.
On October 29, 2012, the company launched the Android version of the app and announced that about 231 images are being shared on the app per second and 20 million per day. In December 2012, video sharing feature was added to the application and in February 2013, the company raised $13.5 million through Benchmark Capital.
Snapchat started to process 60 million pictures a day by this time and Spiegel and Bobby were sued by Reggie Brown for pushing him out of the company. He also claimed that he conceived the app’s concept including its logo design. The case did not go in favor of Reggie, but in 2014, Spiegel and Bobby settled him $157.5 million along with the credit as one of the authors.
In October 2013, the feature of adding stories was included in the app which will last for a time period of 24 hours. Facebook tried to acquire the company for $3 billion in November but failed to do so. Text messaging and video calling facilities were added to the app in 2014, and in 2017, the feature of sharing the location of the user was added in the name of Snap Map. As of 2018, the app has 188 million daily users.
Snapchat was garnered with the Best Mobile Application Award at the Crunchies Awards in 2013 overpowering Tinder and Whatsapp. The idea of adding stories that last for 24 hi=ours was first incorporated by Snapchat which is now employed in most of the social media applications.
Net Worth & Earnings
The company’s market cap when it went public in 2017 was said to be $33 billion. Due to the decrease in the number of users when compared to last year, its current market cap is estimated to be around $16 billion, and the net worth of the application is about $10 billion.
Though there is a drastic decrease in the capitalization value of the company, given to the creativity and the skill of its authors, Snapchat is expected to host new features over the coming days, which will increase its net worth in the future.