Yesterday, Instagram rolled out a new update, the story feature. This feature appears to be identical to Snapchat. Sources report that Facebook attempted to purchase Snapchat at $3 billion but the CEO rejected the offer. What I'm wondering is if SnapChat will become extinct like Myspace. Snapchat is where you can find the younger generation of teens and pre-teens.
This generation began to use Snapchat more than Instagram right after they launched. I will continue looking at the two of them to see how this all unfolds. The CEO of Snapchat didn't want to sell so Facebook decided to launch it's own story feature. Currently, Snapchat is revenue estimate is $350 million and worth $20 billion but nothing lasts forever. Snapchat is only two years old. Maybe the CEO knows the potential of what Snapchat could be.
As an entrepreneur, you want to set your business up in a way that adds value to the lives of the consumers but will also bring in revenue that leads to a profit. No one goes into business expecting to not make money. When thinking of ideas, consider other companies who were once in the startup phase and now have revenue soaring so high that other companies want it for themselves.
Are you a Snapchat user? What are your thoughts on Instagram now using the story feature?
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