Snapchat creation history and struggles
Snapchat creation history and struggles

In the past few years, Snapchat has been a huge success. While the company is new to its competitors in social media and messaging apps, it has overcome many challenges to become one of the biggest players in this market.

According to January 2020, the platform has more than 360 million active users. Every day, users share more than 3 billion photos and videos, and any content they share is called a “snapshot.”

The platform was founded in 2011 by three partners, Evan Spiegel, Reggie Brown, and Bobby Murphy while they were both studying at Stanford University.

According to the information in circulation, this idea belongs to Reggie Brown because he once suggested developing an application or platform that would allow participation by deleting its content automatically.

When Brown came up with the idea, he called Spiegel to help plan the idea, and when they agreed, they turned to Bobby Murphy to write the application code. Prepare to take off.

Snapchat Founding Story

All natural, the platform was first launched in July 2011, but was called Picaboo when it launched and later became Snapchat.

Then it happened that Evan Spiegel and Bobby Murphy knocked out Reggie Brown. Although he is the owner of this idea and the co-founder of its implementation. In September 2011, the company changed its name to Snapchat.

According to this information, the take-off flight time is very short. Because the idea was developed, developed, published and renamed in just one year.

When the platform was created, its founder was a freshman at Stanford University. There is no doubt that the fact that Brown was fired from the company is very serious, but he succeeded in filing a lawsuit against Spiegel and Murphy in September 2014, collecting from them $ 157 million. He also kept the title of co-founder of Snapchat to himself.

Snapchat is associated with the company's current CEO, Evan Spiegel (Evan Spiegel). The idea to develop Snapchat was clear from the start, and it's outlined in the company's blog.

In fact, the main objective is to allow users to freely share images, text content, discussions, etc. With others, the content is automatically deleted after 24 hours.

progression stage

Although the app is new, it is very popular. One of the main reasons for this is the constant development and continuous acquisition of new features.

In 2013, the platform introduced the “Story” and “Chat” functions. Probably everyone knows the success of the story function; Almost all social networking applications are associated with this functionality. Later that year, the Geofilter feature was introduced, which allows users to better share their geolocation.

In 2014, the company continued its activities. This is where Snapcash's functionality for sending and receiving money and other geo-filters are introduced.

In 2015, the company had 75 million active users. It has already started generating significant revenue from its ad network, and in 2018 nearly all of its revenue came from that network, Facebook said.

The parent company Snap, Inc. In 2017, Snapchat is listed below. Just like Meta and Facebook or Google and Alphabet. It is listed on the stock exchange with a public offering of $25 billion.

challenge

The company faced many challenges, including of course the issue of firing one of the company's founders. But in 2013, when the platform was hacked and the data of 4.6 million active users leaked, the situation worsened.

In late 2014, the company was subject to a number of Federal Trade Commission legal issues, which resulted in the company being subjected to external scrutiny for 20 years.

The CEO of the company, Evan Spiegel (Evan Spiegel) also got into trouble. Above all, it was criticized in 2015 for failing to emphasize that the platform does not care about poor countries like India, but only about rich ones.

Overall, the company continues to grow and evolve, and the platform is expected to break even in 2022, when shareholders will generate the highest possible earnings per share. Prices are expected to rise more than 60% within a year.

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