By Austin Cherkas | USA
Imagine putting a lot of time into something new, a revolutionary idea that many people around the globe would enjoy using. Then, all of a sudden, someone takes your idea! This situation accurately describes Snap Incorporated. Snapchat is losing its appeal due to the rise of its competition.
Snapchat has dropped 22% in the last two quarters. Snapchat was up 6% before the first quarter. Due to the success of Facebook and Instagram, we can see Snapchat decrease. Instagram copied Snapchat’s iconic functions of “The Story,” which is a group of photos or video clips that disappear after 24 hours. CEO of Snap Inc., Evan Spiegal, downplayed fears by saying that the second and third quarters have decreased amount of advertising for Snapchat.
What can Snap Inc. do to change up the market? Snapchat must stop other companies from ripping off their ideas in order to see a removal of 22%. Snapchat must also continue to innovative in its functions to make it stand out from Facebook and Instagram.
Companies always see ups and downs. Snap Inc. is seeing one of it’s first downs ever. The company can easily get back up, though, but with some adjustments. Snap Inc needs to continue being creative and they need to remove the leech from their leg, so to speak. Creativity and Individuality is the formula of success for a company.