The trendiest social network of the moment has a higher valuation than Delta Airlines but cannot be accessed by web browsers. Snapchat, a mobile app that has become the hottest social media outlet for the Millennial Generation, has achieved an incredible market capitalization of $31 billion.
Now that Snapchat’s parent company, which recently changed its name to Snap, is trading its shares on Wall Street, fascinating details are beginning to emerge. Online news publication Business Insider has been digging deep into Snapchat, and here are some of the most interesting details reported thus far:
Snapchat Was Always About Making Images Disappear
The main feature of Snapchat has always been its ethereal approach to social media updates. One the network’s founders thought about the concept of disappearing photos as he was sending selfies to a girl he was trying to impress. He thought about the potential of those images ending up published on the web for everyone to see, perhaps for many years. Reginald Brown talked about this issue with his Stanford University classmates, who shared his enthusiasm about making social media updates disappear.
Snapchat Started Off as Pictaboo
Naming schemes are extremely important for tech startups. The first name proposed for the mobile app was Pictaboo; it would later change to Snapchat but the cute ghost logo was there from the start.
Success Did Not Arrive Early
From 2011 to 2012, the founders of Snapchat were paying up to $5,000 a month for app hosting space even though their maximum user count was only 100. When a venture capital investor realized the potential of the network and cut a nice check, the network reached one million active users within nine months.
Even Facebook CEO felt the pinch when he saw Snapchat in action. He tried to counter with his own app, named Poke, which fizzled. The rest is history.