Initially launched back in 2011, Snapchat has greatly matured along with its ever-expanding user base, transforming from a tool for sharing disappearing photos between friends into a content-sharing platform for consumers and brands.
Last October’s security breach, which resulted in over 90,000 leaked Snapchat photos, severely damaged users’ trust. So it’s about time that the company launched a number of initiatives to show that it takes its users data and privacy seriously. Last week, these included releasing a first-ever transparency report, shutting down third-party apps, and expanding its bug bounty program.
As Snapchat matures, it is also winning over advertisers and media partners with its massive amount of users in highly coveted young demographics. Since the introduction of its first official ad format, Brand Story, Snapchat’s advertising platform has become increasingly lucrative, reportedly asking brands for over $750,000 a day for its Discovery ads, which embeds video ads into choice-based viewing activities of brand’s target audience.