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SNAPCHAT IS NOW close to being valued at roughly $10 billion after another group of investors have agreed to invest in the company.
The app, which has been talking to several potential investors in recent months, has seen venture-capital fund Kleiner Perkins deciding to invest $20 million in preferred stock, giving it a valuation of $10 billion, according to the New York Times.
At least one more investor is expected to take part in this round of funding, which is reported to not have closed yet.
More than 100 million people now use Snapchat every month, with roughly two-thirds of those logging on to the app daily. Roughly half of the app’s users are aged between 13 to 17 and more than 500 million ‘snaps’ are sent among its users every day.
Despite the significant valuation, the app hasn’t generated any revenue yet. To remedy this, the company has been talking to ad companies and media outlets about a new service called Snapchat Discovery.
Expected to launch in November, the service will feature content and ads from both advertisers and media companies.
The company was rumoured to be reaching a $10 billion valuation last month when it was in talks with Chinese internet giant, Alibaba Holding, but it decided against investing in the app.
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$10bn for something that generates no revenue? The world has gone mad.
I’d say if they got a euro every time a flute or a pair of titties has been sent via their app then they’d be worth alot more than 10 billion!
Snapchat , The new ‘try before you buy’
The world has gone mad !
There was a program on channel4 awhile ago, the lad that created bebo sold it for something like $800million and bought it back 3 years later for $1million!
I’d sell it now before something else comes along and snapchat will be long forgotten about!
When ppl send you goatses, who’s taking the picture?
Who uses Snapchat and what do you use it for?
Mostly kids and seriously vain and self-obsessed adults.
I just don’t see the attraction. You can send pics with WhatsApp and Viber, how has this become so successful? I get that the pic deletes itself on Snapchat but is there much of a need for that? The dick pic market can’t be that big? I used to be with it. Note I don’t even know what IT is anymore.
Usually used to display their genitals and selfies while sitting on the jax to their friends.
First off it saves on space because images or videos aren’t saved locally to your device. Second it uses less data than other apps such as Whatsapp and Viber which both fully download their media – Snapchat compresses its media reducing data requirements. You have to look at Snapchat as a much more casual form of communication – nothing is stored.
Also you’d be surprised at the lack of penis selfies on it. It isn’t Chatroulette – you know who is sending you snaps at all times unless you have your settings set otherwise.
Thank you Vox Pop for your explanation.
ha all those stupid women sending naked pics don’t realise that this stays on a server forever eh lol.
People need to to educate themselves a bit better when it comes to technology :-)
Didn’t bebo have a crazy evaluation at one stage……….
Omegle must be worth $1000billion
have your say