© Martin-Wilbourn Partners 2017
Many industry insiders were shocked when social media network Snapchat, which allows users to send photo messages that automatically delete themselves shortly after being viewed, turned down a $3 billion buyout offer from Facebook last November. It now seems that Snapchat made an extremely intelligent decision, as the messaging service’s popularity has skyrocketed since then. Snapchat is now being valued at an incredible $10 billion.
Snapchat is now the third most popular social app among millennials, with a 32.9% penetration on the demographic’s mobile phones, trailing only Instagram (43.1%) and Facebook (75.6%). This data indicates that the app is now more popular than Twitter, Pinterest, Vine, Google+ or Tumblr among those aged 18 to 34. Snapchat’s penetration is even more powerful among the coveted college-aged demographic, with 70% of college students reporting posting on Snapchat at least once a day compared to 11% reporting posting on Facebook with the same frequency.
The incredible popularity of Snapchat is visualized in the following chart from Business Insider:
Martin-Wilbourn Partners works closely with new social media technology such as Snapchat to provide meaningful results to our clients. We’ll be posting on our journal frequently with updates on developing stories surrounding social media. In the meantime, take a look at our recent work to see what we can do for you: http://mwpartners.com/work