Snap Looks Like A Ghost Of Its Former Self But That Doesn’t Mean It’s Dead
After reporting more than $400m in quarterly losses and disappointing user figures, Snap’s shares fell 14%. The stock price which was at a reasonably healthy $17 when the company went public in March has now tumbled below $14 and the sales of Snapchat Spectacles have started to dry up despite being available to buy in more places than ever. This in conjunction with the fact that many of Snapchat’s best features are being adopted and used more successfully by competitors like Instagram and Facebook means Snap Inc is having a tough time at the moment. As easy as it is to sound the death knell, put on a crying lens and declare that it’s the end for Snap and Snapchat, this could easily just be growing pains for the company after rushing its IPO. The first and most obvious thing for Snap to do now that it’s a public company is to act more like one. Snapchat is now a company that has to prove it’s growing and simply saying that there’s a long-term plan to do so isn’t going to be enough. The owners need to make people care about Snapchat by re-communicating its purpose and place in their lives and explaining why, if they don’t have it now, they’re going to want it soon.
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