More Sad News for Snapchat
I don't mean to constantly pick on Snapchat, but mostly I bring it up so much because I hate it when companies decide to issue stock to the public having no concrete or realistic plan for growth, yet imply that investors will somehow "get rich" off their product. I still have yet to see any sign of hope for the likes of Snapchat: it continues to lag behind all of its social media peers in a huge way.
Following a controversial redesign and less than stellar results during its first year as a public company, the mood at Snap’s headquarter has turned a lot darker since the company’s celebrated IPO in March 2017. Aside from Snapchat’s lackluster user growth and Facebook’s seemingly successful strategy of copying anything that Snapchat does well, there’s growing concern about the platform’s appeal to marketers (and hence its monetization prospects). According to a recent report by the Social Media Examiner, just 8 percent of marketers used Snapchat in the first quarter of 2018, which is worlds apart from Facebook’s 94 percent adoption rate and far behind the 66 percent of marketers that are active on Instagram (my preferred platform for social media).
Making matters worse, 72 percent of the respondents have no plans of using Snapchat in the next 12 months, indicating that marketers do not consider it relevant enough to give it a try. Poor Snapchat. They're whole future is going to rely on media marketing and sales and yet nearly three quarters of the population plans to take a pass.
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