Snapchat has had a pretty rough time of late, with Kylie Jenner apparently knocking 1 billion off the value of Snapchat by just saying ‘Does anyone else not open Snapchat anymore?!’. According to the statistics shes not the only one turning away from the once loved platform. Just through your own use, you notice people not sharing as much or even maybe you’ve stopped sharing as much.
We can put this down to a number of things, other platforms pretty much using the same ideas, for example, Facebook now having stories on its timeline. For a lot of people, this is much more convenient and less complicated than using Snapchat. We have live video on nearly every platform now, you’ve even got Instagram TV taking mobile viewing to another level. And of course, as mentioned at the beginning, celebrities turning their back on the once popular platform.
‘Does anyone else not open Snapchat anymore?!’.
They’re not going down without a fight, however. Like most platforms, they’ve enlisted the help of social media ‘influencers’.With the like of sporting giants like the NFL in America cashing in on what could be the next trend. Popstars such as DJ Khalid and even models such as Chrissy Teigen are all getting involved. This is all in a bid to make Snapchat profitable again and up it user engagement massively. All this whilst fighting in a highly contested marketplace.
Some of Snapchat’s influencers aren’t just individuals either! With big multinational companies cashing in on the 150 million people still using Snapchat. Like Coca-Cola and BMW advertising on the platform. This comes at a huge price and is hugely profitable for Snapchat with a campaign costing £570,000 for some companies. With users dropping we wonder how sustainable this is and what the actual ROI is.
We think Snapchat still has a lot to offer we just don’t see how yet. Instagram has reinvented time and time again. Maybe Snapchat will somehow do the same.