Consumption of video doubles on Snapchat; 10 billion videos are viewed each day
Snapchat is making a strong effort to show that it is a site where content is not just consumed, but also created. As SunTrust Robinson Humphrey analyst Robert Peck pointed out in a research note to clients, people are using photos and videos to replace speech instead of augmenting a conversation.
Snapchat, known for its photos and messages that "self-destruct" 10 seconds after being viewed, currently has more than 100 million users. As of February, users were spending 25 to 30 minutes a day on the site with 60% of them creating messages or Stories.
Although the growth in the value of the app has slowed down a bit, the last round of financing for Snapchat was completed at a valuation of $16 billion. Three years ago, the app was worth just $800 million.