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Snapchat’s newest update has not been received well, and it may have just taken a financial toll on the company.
This week, celebrity and person famous for being famous, Kylie Jenner tweeted out that the new Snapchat redesign was sapping her will to use the app, claiming that she doesn’t open Snapchat anymore.
The result was catastrophic for Snap, as their shares began plummetting, dropping 7% for a loss of $1 billion.
Mm just saw the new Snapchat.. I don’t know how i feel about it! What do you guys think?
— Kylie Jenner (@KylieJenner) February 9, 2018
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Jenner wasn’t the only reason Snap’s stock took a hit this week, though she was the most proximate cause. Popular tech YouTuber MKBHD also announced that he was leaving the platform, due to its alienating change.
While some have argued that social media like Facebook and Instagram have suffered more, Snapchat is not yet in their weight class and can be likened more to social startups like YikYak and Digg who’s abandonment of their core userbase led to exoduses to platforms seen as better. Snapchat is also divisive to ex-Windows phone users and Android fans who have taken the firm’s slights to their preferred platforms personally and would welcome its demise.
As Facebook cannibalises Snapchat and rips out its best features for its apps like Messenger, WhatsApp and Instagram, one wonders if the House of Snap is really more of a House of Cards waiting to crumble.