Five years on, it's clear that Snapchat wasn't a gimmick. The company was recently valued at $16 billion and now has more than 100 million daily users who spend an average of half an hour on the app every day. And it's not just teens who love Snapchat.
Although the service still skews toward the millennial set—60% of all 13- to 34-year-old smartphone users are on the platform—14% of Snapchat's user base is over 35.
The fact that you know a snap is going to disappear makes you want to pay more attention to what you're watching.
All of this results in 10 billion video views every single day. Many are personal messages sent and received between individuals, but these days, media companies and brands are competing for users' eyeballs as well. It might seem counterproductive for a company to invest in creating content that will be gone after 24 hours, but according to Bob Wolfley, who runs social media at the underwear company MeUndies, the fleetingness of these videos makes users more likely to be actively engaged with them.
"We've been so trained by the constant rush of content on all these other social media networks that we mindlessly cycle through it to kill time," he says. "The fact that you know a snap is going to disappear makes you want to pay more attention to what you're watching.
Snapchat does not have metrics for companies to track how effective their snaps have been for driving traffic and generating sales, but the brands Fast Company interviewed say that they have done their own little experiments.
MeUndies, for instance, which has been on Snapchat for two years, has used a variety of methods to see how the audience is engaging with the brand. Wolfley has created vanity URLs to track if followers were going from Snapchat to the MeUndies website and has also launched several hidden sales campaigns to determine how many users used a specific promotion code. He is now convinced that Snapchat is the most impactful channel for introducing users to the brand and then getting them to make purchases. "We're getting more bang for our buck per follower than any other social media network," he says....
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The feature, which Snapchat unveiled on Wednesday, lets users upload, save, and repurpose photos and videos.