It seems to me like a lot of their "value" is in how much more engrossing their ads can be than other display ads. They also have a whole section of their app t

It seems to me like a lot of their "value" is in how much more engrossing their ads can be than other display ads. They also have a whole section of their app that shovels "content" from magazines and such, and that content is pretty much just more advertising. I'm sure those outlets pay to be there, or pay for prominent placing, etc. But those should be easy enough to copy. And I find the content thing weird, it feels bolted on to an app you use to talk to friends. I am bearish on them, I think it was smart to IPO when they did.