The new player, Snapchat specializes in ephemeral mobile messages, including text or photographs, that disappear after a few seconds. The service has not generated any revenue, but is especially popular among teenagers and young adults, who use the app to send messages to friends.
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Dreams are not for Sale
Tencent, a diverse Internet company, owns WeChat, a major messaging service in China, and has a stake in KaKao, a popular South Korean app. It was dying to lead a group of investors that had offered to invest $200 million in Snapchat at a valuation of roughly $4 billion.
Snapchat snaps up Emily White from Facebook
Snapchat just made a big hire, luring Emily White away from Instagram to be the new start-up’s Chief Operating Officer. Emily White, the ex-Facebook executive in charge of bringing advertising to its Instagram photo-sharing unit, is leaving to become COO of Snapchat.
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Snapchat spokeswoman, Mary Ritti:White would start in early January. We are really excited to have her join the Snapchat family.
White, 35, leaves behind her job as director of business operations for Instagram. She previously worked for Facebook and Google.
Snapchat reportedly sees 400 million “snaps” sent every day, a staggering number for a start-up that is just 2 years old. It has about 30 employees and recently moved to a larger office in Venice.
The new hire comes just a few weeks after Snapchat reportedly turned down a $3 billion acquisition offer from Facebook, and seems to reinforce that the Los Angeles-based startup is committed to moving forward as an independent company. Emily White experience should help Snapchat bringing ads and generate revenue.
Do you think Snapchat should have accepted Facebook offer?