Last August, I asked the question, “Will Instagram Stories Kill Snapchat?” A few industry experts and influencers weighed in and reactions were mixed; some didn’t know, others thought Snapchat would live on, and others thought it was in trouble.
Months later, Snapchat has gone public with an IPO on the New York Stock Exchange, opening with a $33 billion valuation. It was Southern California’s biggest IPO ever. Almost a month after being listed, analysts are recommending that investors either Buy or Hold the stock. But there’s also reason to be alarmed.
According to Tech Crunch, Snapchat’s growth in users slowed by 82% around the time that Instagram Stories launch. With Facebook’s recent launch of a Stories feature in its mobile app, not only does this threaten Snapchat’s growth rate, it will most likely eat into their user base.
So there’s no question to be asked here. Snapchat can’t compete with Facebook. The lesson here, think hard before you get into the social media business; in fact, don’t do it. But if you’re crazy enough to get into the business, if The Social Network comes to you with an offer, take it and ride off into the sunset- fast.
With that being said, here’s my obituary for the social media platform known as Snapchat.
Snapchat was born in Venice Beach, California in 2011. Young people loved it and older people couldn’t understand it. What seemed like a ridiculous service, disappearing messages, became the fastest growing social media platform among millennials on the planet. It also became a sketchy way for people to occasionally engage in some questionable activities.
Young people loved it because it gave them a unique way to communicate with their friends. Brands loved it because it allowed them to engaged with these young people and said friends. Everyone else, including smaller content creators, never really liked it, but it was a necessary evil.
Snapchat died a long yet premature death this year at the hands of Mark Zuckerberg and Facebook. Snapchat will be buried in the Social Media Graveyard in between close relatives Vine and MySpace. RIP.