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| Image retrieved from Smart Insights. |
To demonstrate the growth of Snapchat, it is best to refer to the Diffusion of Innovation Model.
Stage 1: Innovators
Brown mentioned to Spiegel how he wished that pictures he was sending to a girl would disappear, and thus, the idea of Snapchat was born. With the original name, "Picaboo," the app obtained about 127 users by the end of the summer of 2011.
Stage 2: Early Adopters
Due to an argument amongst the three friends, Spiegel and Murphy decided to continue the company without Brown. In September 2011, the two relaunched the app under the name, "Snapchat," increasing its popularity significantly within the next year. The app reached 100,000 users and investments from different companies.
Stage 3: Early & Late Majority
By May 2013, 150 million snaps were being sent per day by the app's users. Between December 2014 and August 2016, the app participated in active fundraising and had a significant increase in video views. Snapchat drastically improved with the addition of stickers, Chat 2.0, and new monetization strategies during this time as well.
Stage 4: Laggards
I believe that Snapchat is still in its Early & Late Majority Stage. However, the company has rebranded itself from "Snapchat Inc." to "Snap Inc." and introduced initial public offering. Although I don't believe that Snapchat is lagging, I could see the app starting to dissipate by the time my generation is in their late twenties or early thirties. With the invention of so many new social media apps and the way we have aged at that point in time, I think the new generations will begin to pick up on the newer apps and leave Snapchat behind.
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