Snapchat is an app in which you can send and receive images to your friends temporarily for a few seconds and create your own stories for all of your friend list to see for a period of 24 hours. The revenue model includes hosting content created by third-party channels and has also started producing spectacles. They are called Snapchat Spectacles and the company has now even diversified into SnapCash. Snapchat is owned by Snap Inc. and Thursday was a big day for the Tech company as it got listed on the New York Stock Exchange.
Shares of Snap +10.66% , closed up 44% Thursday after opening at $24, 41% above its issue price. Each share was priced at $17 Wednesday to raise $3.4 billion. According to Snap Inc, Snapchat has an active user base of 158 million daily and an average of 2.5 billion “snaps” are created on Snapchat every day. With the $24.53 closing price, Snap Inc has a incredible public market capitalization of $28.4 billion, based on shares outstanding. According to the Wall Street Journal, Snap’s latest private valuation was $17.8 billion.
With Snapchat going public, the startup ecosystem is on the boom again. We are back with the third edition of the Exhibit 100 hottest startups. Click here to know more about it.