What's the story?
It’s all kicking off on Snapchat. Well, not exactly ‘on’ Snapchat, kind of the exact opposite. But people are definitely talking about it. Specifically Kylie Jenner, who tweeted yesterday asking the question on many people’s lips since the Snapchat redesign; “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”
The response was a resounding “same, K-Jen, same”. Maybelline’s official page then tweeted a poll out asking followers if they should pack in using Snapchat in lieu of Instagrammier pursuits after seeing a ‘dramatic drop’ in Snapchat story views. Instagram has always been hot on Snap’s heels, and boasts 300 million daily active users to Snapchat’s 187 million, so this poll was met with an obvious winner. Spoiler alert, it does not look good for Snapchat.
But what does it mean?
Old Snapchat can’t come to the phone right now. Why? Oh, ‘cause its stock is plummeting. Since this tweet going out on the 21st, Snap has lost about $1.3 billion in market value which will be difficult to recover from, even with a cute flower garland headband filter.
So, was it Kween Kylie that has brought Snapchat to its knees? Snapchat has previously stated that Kylie is the most popular user on the app so this comes as quite a blow, but its users have been giving the platform the cold shoulder for a few weeks since the redesign. This past week has seen the stock being downgraded as a result of the slew of negative reviews (and change.org petition with over 1.2 million signatures) on the app. Thursday also saw the release of their 10-K – basically an annual report that has highlighted the myriad of risks it faces as a business. Sadly not something that will disappear in 24 hours.
Essentially, it might not have been the youngest Jenner who sank the Snapchat ship, but her tweets definitely haven’t helped its cause.