Snapchat changed the way a generation communicates. Founded in 2011 by Evan Spiegel, Bobby Murphy, and Reggie Brown at Stanford, the app introduced the concept of disappearing messages — photos and videos that vanish after being viewed. What seemed like a gimmick turned into a fundamental shift in how people think about digital communication.
Snap Inc. went public in 2017 with one of the most anticipated tech IPOs of the decade, valuing the company at $24 billion. The stock has had a turbulent ride since then, but the product has kept evolving. Snapchat pioneered Stories (the format that Instagram, Facebook, and YouTube all copied), augmented reality lenses, and the Discover section for media content.
The app has around 800 million monthly active users and over 400 million daily active users as of 2024. It’s especially dominant among younger demographics — the majority of 13-to-34-year-olds in the US, UK, France, and Australia use Snapchat. The app functions as a primary communication tool for many young people, not just a content consumption platform.
Snap’s AR platform is arguably its biggest technical achievement. Snap Lens Studio lets creators build AR experiences, and the company has invested heavily in machine learning for real-time face and body tracking. Snap has also developed Spectacles, AR glasses aimed at developers. Their My AI chatbot, powered by OpenAI’s models, was one of the first widely deployed consumer AI chat features.
Revenue comes primarily from advertising, with Snap generating about $4.6 billion in 2023. The company has struggled with profitability throughout its history but has made progress in reducing losses. Snap Map, Spotlight (their TikTok competitor), and Snapchat+ (a paid subscription) represent newer revenue and engagement efforts.
