The beginning of the end for Snap was when Instagram copied their Stories feature in 2016.
The middle of the end is now. The company has not been growing well for some time now, and now for the first time is losing daily active users, dropping from 191 million in the first quarter of the year, to 188 million in the last quarter.
The news was revealed in Snap’s quarterly earnings, and the company may survive for a while longer – the company has been able to extract more money from their fading user population, earning $262 million in revenue, but still making a $353 million loss.
This appeared to confuse the market initially, who rallied behind Snap’s share price initially in after-hours trading, but it seems likely this will only be a temporary reprieve before the company gets purchased by AOL, like all eventually defunct web brands.