Oh, Snap: Snapchat Says No To Facebook's $3 Billion OfferCecily Kellogg
Wow. In a rather shocking bit of newsy gossip, Snapchat the online photo sharing app that “deletes” photos within a few seconds of viewing has rejected an ALL CASH offering from Facebook of “more than $3 billion” according to a tweet from CNBC.
If you’re keeping track, that’s three times what Facebook paid for Instagram.
Snapchat currently has over 100 million users (similar to the number of users Instagram had at the time Facebook purchased it), with over 350 million images sent a day.
Snapchat is extremely popular with teens and tweens causing parents to have legitimate worries that they are using it to send photos that are inappropriate because of the false belief that the photos disappear (users can always screenshot an image, of course, and sometimes the image data can be extracted from Android phones).
Facebook apparently hoped to compete with Snapchat via it’s Facebook Poke app (huh? does anyone remember that app? I don’t, and I write about tech here five days a week) which was a massive fail. I suppose that’s what inspired Facebook to make this offer.
Snapchat believes it will be worth much more in the future, apparently, but I find that I can’t help remembering Digg’s decision not to sell to Google back in 2008 for $200 Million. When Digg finally sold last year, it went for a mere $500,000 dollars, deep into the pool of near irrelevance.
Given the short attention spans of most teens and tweens, it seems unlikely that it will continue to be the best new thing. But we shall see, right?