Snapchat parent company #SNAP is finally going public after operating as a private tech juggernaut for five years. As of Jan. 11, 2017, the company has more than 60 million active daily users in the U.S. and Canada. Founder and CEO Evan Spiegel is only 26-years-old and he has already built an empire with the company, despite being a college dropout. He's always believed in Snapchat's potential, rejecting a $3 billion takeover offer from Facebook in 2014. Many have been looking forward to this moment for years, as it will mark one of the largest initial public offering's (IPO) of a tech company in a long time.
What the company has achieved so far
Snapchat has come a long way since its $3 billion valuation, as the photo-sharing app is now worth somewhere between $20 billion and $25 billion. The company will be listed on the New York Stock Exchange under the ticker symbol SNAP, and it hopes to raise $3 billion in the offering. The app was criticized in its early days, as many used it to send sexually explicit content, but nowadays it is mostly used as a way of keeping in touch with friends, or a social media tool to promote products, events, or services.
On a global level, the company has around 158 million daily active users. Snapchat's 2016 year was a memorable one, as the company earned $404.5 million in sales, which is approximately 589.1% higher than the company's sales total in 2015. The app is available for both iOS and Android, and it currently exists in 20 languages.
Snapchat key features
When the app first launched, it gave users the ability to send images to a friend that could last anywhere from a second to 10 seconds, and then the image would disappear forever. The company also allowed you to send text on top of each picture, as well as a paint brush that allowed you to add a personal touch to your snaps.
Nowadays, Snapchat allows you to do everything from instant messaging, replaying a Snap, swapping your face with someone else's (even someone famous), adding filters to your photos, and even show you what you would look like as a dog. Many artists, businesses, and sports franchises have embraced the app with open arms, connecting with their fans and customers in a social and positive manner. Additionally, many major entrepreneurs have invested in the app. #Snapchat IPO #Evan Spiegel