Just as the World turns, we keep getting exposed to newer and better “Social Media Sites”. Depending on where you are sitting, some could be helpful to your business activities. Others could be helpful to your social life. Others can help politicians, religious leaders, just name it. Some might help your bank account. Where I sit, I need to at least understand them and use them when my “mission” requires.
Along comes another one: SNAPCHAT
Snapchat is a photo messaging application developed by Evan Spiegel, Bobby Murphy, and Reggie Brown, then Stanford University students. Using the application, users can take photos, record videos, add text and drawings, and send them to a controlled list of recipients. These sent photographs and videos are known as “Snaps”. Users set a time limit for how long recipients can view their Snaps (as of April 2014, the range is from 1 to 10 seconds),after which they will be hidden from the recipient’s device and deleted from Snapchat’s servers.
OK, so what. I can send my friends a picture of a 1915 railroad locomotive, then it disapears.But it is gone anyway, it is 100 years old.
According to Snapchat in May 2014, the app’s users were sending 700 million photos and videos per day, while Snapchat Stories content was being viewed 500 million times per day.
The company has a valuation of $10-$20 billion depending on various sources. OK, now this is where we are going. The other big kids on the block are jealous. Facebook and Google want to own this puppy.
Kleiner Perkins, a Silicon Valley venture capital firm, negotiated a financial agreement with Snapchat in August 2014, at a time when the company was valued at US$10 billion, with 100 million monthly active users. Prior to the amount raised with Kleiner Perkins, the company had already raised US$163 million in funding.
Snapchat’s first paid advertisement, in the form of a 20-second movie trailer for the horror film Ouija, was shown to users on October 19, 2014. In addition to acknowledging Snapchat’s need for a revenue stream, the company’s blog explained: “We want to see if we can deliver an experience that’s fun and informative, the way ads used to be, before they got creepy and targeted.”
On May 9, 2013, Forbes reported that Snapchat photos do not actually disappear, and that the images can still be retrieved with minimal technical knowledge after the time limit expires. The Electronic Privacy Information Center consequently filed a complaint against Snapchat with the Federal Trade Commission, stating that Snapchat deceived its customers by leading them to believe that pictures are destroyed within seconds of viewing. “Older” me simply did a “screen print” (an old-fashioned tool developed by Bill Gates even before he had grey hair).
Sorry, still trying to think of what use I can make of it. But I’m still trying to do the same with Twitter. In the meantime, an enterprising person has written all about how to use it.Hope he gets some coins out of the deal.