The company is struggling – but hopes its new venture will improve its fortunes. But is short-format viewing what people want?
A few short years ago, Snapchat was the messaging app on everyone’s filler-heavy lips, a place where Gen Y and Z alike shared ephemeral selfies and collections of pictures and videos that made up the “stories” of their everyday lives. However, a much-hated redesign, an offensive poll about Rihanna, and Instagram competing with its trademark disappearing posts has left it teetering on the precipice of MySpace-circa-2009 status. Indeed, the company’s stock reached an all-time low earlier this week, with shares down 74% on their March 2017 peak.