Last Wednesday evening celebrity Kylie Jenner tweeted that she wasn’t really using Snapchat any more. By Friday, Snap Inc’s share price had dropped $1.3billion and the popular news websites were screaming that Jenner had caused it all:
Around midday Friday I got an email from BBC Breakfast asking if I’d be prepared to come on and talk about celebrity and social media. Well, of course I would. So that’s how I came to be sitting in a studio in Manchester’s Media City at the sort of time most Saturdays I’d still be in bed, chatting to presenters Jon Kay and Rachel Burden, and showbiz reporter Lucy J Ford.
Revenue is also up: the company took $286 million in advertising income in the year to December 2017. Snapchat recently simplified its advertising platform, making it easier for brands to access the network. These changes appear to be paying off.
In 2014 Snap CEO Evan Spiegel came under attack when a series of offensive emails sent while he was at college were leaked online. He made a public apology. Last year, he married supermodel Miranda Kerr in a quiet ceremony. The couple are now expecting their first child. Maybe Snapchat, like its CEO, is finally growing up.
NB: If you were up bright and early on 7 February you might have caught me discussing these points in a live interview on BBC World Service Newsday.