Snapchat’s new update. Source
Do rainbows spewing out of mouths appeal to you? Tweets have fired everywhere about the new filters on Snapchat.
Snapchat, the popular social media photo hub is expecting to generate a whopping 100 million dollars of revenue this year. One may wonder, “How did this start up company even get here?” Their strategic ad placement has contributed largely to incoming revenue. They have constantly revamped their app through updates that include new filters, stories, and events that occur around the world in real time. Recently they have also put a fee on replaying snaps.
Through my analysis, I believe that Snapchat will continue to expand as fast as they are now. The start up’s platform has an innovative team that is constantly trying to look into the minds of customers. I’ve noticed how other social media platforms like Vine have flat-lined and lost a significant number of users almost as quickly as they started. I wonder what would happen if Snapchat used their app as a service for businesses to promote their events and share information. BuzzFeed has revealed where they have attracted many of their viewers—Snapchat! I admire their strategy of advertising and continually finding quirks to their app that will attract consumers which applies Rita McGrath’s tool of constantly changing strategies.
Snapchat’s annually increasing revenue is definitely a story that I will be following.
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References:
- “10 Things You Need To Know About Snapchat.” The Guardian, n.d. Web. 2 Oct. 2015. <http://www.theguardian.com/technology/2013/nov/13/snapchat-app-sexting-lawsuits-valuation>.
- Kosoff, Maya. “Snapchat Is on Track to Generate $100 Million in Revenue.” Business Insider. Business Insider, Inc, 01 Oct. 2015. Web. 03 Oct. 2015. <http://www.businessinsider.com/snapchat-is-on-track-to-generate-100-million-in-revenue-2015-10>.
- Kosoff, Maya. “Snapchat Is Reportedly Generating $50 Million in Revenue This Year.” Business Insider. Business Insider, Inc, 31 July 2015. Web. 03 Oct. 2015. <http://www.businessinsider.com/snapchat-said-to-be-generating-50-million-in-revenue-this-year-2015-7>.
- McAlone, Nathan. “Snapchat Provides a Firehose of Readers to BuzzFeed.” Business Insider. Business Insider, Inc, 16 Sept. 2015. Web. 03 Oct. 2015. <http://www.businessinsider.com/buzzfeed-gets-21-of-its-traffic-from-snapchat-2015-9>.
- Shontell, Alyson. “Snapchat Generated Only $3.1 Million Last Year.” Business Insider. Business Insider, Inc, 19 Aug. 2015. Web. 03 Oct. 2015. <http://www.businessinsider.com/snapchat-only-generated-31-million-last-year-2015-8>.
- “Snapchat Now Charges If You Want to Replay Snaps.” Wired.com. Conde Nast Digital, n.d. Web. 03 Oct. 2015. <http://www.wired.com/2015/09/snapchat-replay-paid/>.