Snapchat, a product of Snap Inc., is a free image messaging application. Messages (in the form of photos) are only available for a certain amount of time (decided by the sender) before they disappear. Users can decorate their photos with filters, stickers, and augmented reality objects. The app also features "stories," a platform that allows users to share photos with all of their contacts that will be accessible for 24 hours, and "Discover," which showcases short-form vertical video from brands such as The Daily Mail, Mashable, and Cosmopolitan.
Snapchat has approximately 158 million daily active users. Snap generates nearly all of its revenue from advertising with 88% coming from the U.S. The firm is headquartered in Venice, California.
Snapchat was launched as Picaboo, an app for exclusively iOS, in July 2011 by Evan Spiegel, Reggie Brown, and Bobby Murphy while they were students at Stanford University. It was rebranded as Snapchat in November of that year. In 2012, a version of the app was released for Android.
During 2014, Snapchat refused offers of acquisition, including offers from Facebook. In the same year, Snapchat acquired AddLive and Vergence Labs. In the case of Vergence Labs, the acquisition was for $15 million in cash and stocks. Vergence Labs were developers of Epiphany Eyewear and a mobile application Scan. Snapchat also reached an agreement with the FTC following misinterpretations on storage of user data and the accessibility of their "expired" messages.
In 2016, Snapchat Inc. was restructured as Snap Inc., with the Snapchat app as a product. In 2017, Snap moved announced their IPO, under the trading symbol SNAP, and was able to raise $30 billion in the first day of trading. In the same year, the company launched Spectacles, sunglasses with built-in cameras that could record 10-second video.
Snapchat fixed the biggest pain points of its Spectacles camera sunglasses with V2, which launch today for $150.
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