GM Thought of the Week – Snapping out of it
Following on from last week’s Thought of the Week, it’s not only Facebook that is apparently becoming increasingly ‘uncool’.
Queen Bee of the Millennial generation, Kylie Jenner arguably broke the internet/Snapchat late last week by tweeting ‘soo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad’ to her 24.5 million Twitter followers.
Consequently, Snapchat lost over £1billion in market capitalization overnight – a 7% fall in the company’s share price.
Not only does this present the sheer magnitude of influence that celebrity royalty has, it presents another social media platform that may be losing its relevance to the younger generation. The tweet followed the platforms’ recent redesign, plus what I believe is the dominance of Instagram stealing the attention.
As a user of social media myself, and an ex-Snapchat user, when Instagram launched its ‘stories’ feature, I scoffed – we had Snapchat for this, no one would use it. Now, much like Kylie Jenner, I never even open the app and just use Instagram for sharing temporary video updates.
Do people really need 2 apps that offer similar features, and is this another key reason outside of the rebrand that has led to Snapchat’s fall from grace?
Today however we’re being told to ignore the Snapchat haters, and that downloads have shown no significant decline since the rebrand and Kylie’s declaration. But who will suffer the stroke of the ‘uncool’ brush next? Watch this space…
Ellie Start, Associate Director