When Snapchat perishes
Seeing a stagnation in user bases is a certain way of slowly becoming irrelevant as a social media platform. Snapchat has a problem. As the only social media platform that stagnated and survived last year, it’s essential that the company behind the platform, Snap Inc., begins to realize the seriousness of their situation. Looking to other companies who’s been in similar positions, is probably a good place to start – however, most of the companies that have been experiencing the same, are not bright examples of what to do – they’re more of a showcase as of what not to do.
At Get Louis we still adore Snapchat, who got to celebrate its eighth birthday this month. It is not only an impressive feat to turn 8 years old in an extremely competitive field of the market – but doing so, while keeping your core feature (images that vanish after X seconds) is something no other company has been able to do.
The closest example to a company, that kept its core feature to the bitter end, is Vine. However, Vine is probably not something Snapchat wants to be compared to too often, seeing as Vine ended up closing down over a year ago.
Vine died because it couldn’t convert its massive and loyal user base into a business model with a positive revenue stream. Snapchat is very familiar with the same issue and has tried multiple integrations of commercials, partnered sponsorships and paywalls. However, nothing seems to truly stick, and Snap Inc. has made a lot of different attempts to move some of their revenue streams away from the app, and into other aspects of their company – more on this later.
Nevertheless, with Vine being the everlasting dark outcome, that Snapchat really wishes to avoid, there are also some positives to bring with them…
Is Snapchat going to die?
As this article started out stating, stagnation is the first step towards death in the tech industry. Ever since Snap Inc. went on the stock market, the value of the company has been declining. Something similar happened to Vine and while the story of Vine ended up in perishment, Snapchat can take a lot away from it.
Vine made a lot of bad mistakes which caused their, in many ways, inevitable demise. The biggest being that they denied a lot of potential buyers due to believing too much in their core product. When they were finally ready to sell the platform, it was already too late and Vine was no more.
While Snapchat has denied to sell out too, they’ve gone public on the stock market, which has made them less vulnerable to the huge market punches that they could have received earlier on.
No one knows if Snapchat is going to die, and if they say they do, they’re lying. One thing is for sure… Snap Inc. has a tough time ahead. However, they have all the tools in front of them to make sure they can survive.
When Snapchat was introduced back in 2011, the core feature (sending pictures that last a certain amount of time)
was the exact same, as it is today.
That’s very rare for an 8 years old platform.
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What are they doing about it?
Snap Inc. is in many ways one of the most innovative tech companies out there right now. They keep trying to disrupt and change the ways that people consume their products – whether it’s through Spectacles, cameras, partnerships, or something completely different, Snap Inc. always seems to have a creative and new take on consumption processes.
Realizing that a lot, if not all, of their revenue, needs to be found other places than on the Snapchat platform is a great way to start, and furthermore making sure not to put all their eggs in one basket. However, there are still some drawbacks to this.
The biggest one is probably the fact that the Snapchat core feature hasn’t changed in the 8 years it has existed. While it’s incredible, it’s also dangerous. We’ve all witnessed how this feature has been copied by almost every single competitor out there, which can make Snapchat obsolete.
At least we’ll know that if Snapchat dies, it wasn’t without a fight.
What happens if Snapchat dies?
Well, some other platform will surely take its place.
Tik Tok is not only a funny-sounding clock, but it’s also one of the fastest-growing social media platforms on Earth. Many see the platform as a spiritual successor to Vine, which is not a bad way to describe it. Tik Tok mainly focuses on video and music much as Vine did, and in other words, Tik Tok took over where Vine left.
In the same manner that some other platform will definitely fill the void left by Snapchat, should it die… but let’s see if it ever comes to that!
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