The rise of the app-driven photo-sharing service Snapchat has been nothing short of meteoric. Since its official launch in 2011, it has become one of the most popular and successful ventures in the realm of online communications. In this article, we trace the journey of Snapchat through its timeline, success stories, and industry-defying strategies as well as provide a few facts about the multimedia messaging app people love.
Background
Snapchat was engineered at the application development company Toyopa Group which was founded by Brown University student Reggie Brown in 2002. Brown was driven to develop an app called “Picaboo”, which would allow users to instantaneously send photos to each other that would then quickly fade away. The founders also intended to capture an element of serendipity by providing a platform upon which users could upload photos they didn’t necessarily want to be lasting.
Snapchat’s Early Timeline
2011: • The prototype for “Picaboo” is released.
2012:
• The app was relaunched as Snapchat and the company was renamed to the Snap Inc.
• Tech entrepreneur Evan Spiegel joins in as the CEO of the company.
2013:
• Snapchat pushes forward with its innovative idea to have users send messages which can be seen only for a fleeting brief time period.
• The team introduced a feature called Stories that created user-generated collections of content that remained visible for a certain period of time.
2014:
• In October, Snapchat officially became valued at $10 billion.
• Snapchat unveils the product Spectacles, a set of Wi-Fi connected glasses that enabled users to record short videos to share with their friends.
2015:
• The messaging service rolled out its Discover platform, allowing selected content providers to publish stories, photos, and videos on the app, while Snapchat obtained its own original content.
2016:
• The app introduces Lenses, AR filters that enable users to put real-time photo effects, such as puking rainbows or color-changing eyes, onto their content.
• Geofilters were introduced, allowing users to filter their photos based on the current location.
2017:
• Snapchat launched their ad space for marketers, who could now feature ads and sponsored content on users’ feeds.
• The company bought the company Zenly, to be able to monitor users’ locations.
2018:
• Snap Inc. was floated on the stock market and made its debut public offering (IPO).
• Snapchat introduced Cameos, a feature that enables users to insert their scanned facial reactions into videos.
Snapchat’s Success Stories
Every business wants to be a success story, but the success of Snapchat can be attributed to a unique mix of innovation, flexibility, and daring.
The first such success story was the introduction of ephemeral content, the idea that messages, photos, and videos don’t necessarily need to be long-lasting. Snapchat and its creative team implemented this feature in a way that seemed revolutionary – just when users thought the messages were gone forever, Snapchat made a loop – disappearing photos and videos could be viewed again.
For its second success story, the company introduced Snapcash, a feature which allows users to transfer money using their phones. By using the feature, users can instantly send money to friends and family with a few taps or clicks. This was an industry-defying strategy as no other app had offered such an innovative and easy way to send money.
Snapchat’s third success story was the introduction of Geofilters, which allow users to filter photos based on their current location. These filters were only activated when the user was at a certain place, making them unique to users, and providing an additional layer of customization.
That same year, Snapchat rolled out the Discover platform, allowing selected content providers to publish stories, photos, and videos on the app, while Snapchat itself created its own original content. This was a great success, as it showed a shift towards taking ownership of its own content, as well as giving more control to content providers and boosting user engagement.
Lastly, Snap Inc. was floated on the stock market and made its foray into the financial highly liquid public market in March 2018. Snapchat’s stock is doing well and the company is continuing on its path of success.
Snapchat Facts
• Snapchat currently has more than 200 million active monthly users and more than $1 billion in revenue.
• It is one of the fastest growing apps among teenagers and young adults.
• Snapchat has over 6 million daily active users in the UK.
• The most active age group on the app is 18-24-year-olds, making up 71% of Snapchat’s user base.
• It is estimated that up to 10.6 billion videos are watched on Snapchat every day.
• Snapchatters send over 60 million snaps every day.
• Snapchat has 4 million active advertisers.
• More than 60% of Snapchat users use the app daily.
• Around 40% of Snapchat users use the app more than 20 times a day.
• 24% of Snapchat users post Snaps every day.
The Snapchat story just goes to show that innovation is the key to success. In this article, we’ve done a deep dive into the successful journey of Snapchat, covering its timeline and success stories, as well as a few facts related to the multimedia messaging app people love. Snapchat has defied industry standards, making it one of the most successful mobile app companies in the world. We can’t wait to see what the app has in store for us in the future.