Why doesn't it make sense? Snapchat has become massively popular on mobile devices, and much moreso than even Facebook and Twitter in terms of engagement and gr

Why doesn't it make sense? Snapchat has become massively popular on mobile devices, and much moreso than even Facebook and Twitter in terms of engagement and growth. People had literally this exact same sentiment about Facebook in 2008-2010. ("It's just a photo sharing site for kids...") And they also suggested adding a subscription service. Instagram sold before they got along to integrating ads (they had less than 20 employees), but that product was/is on a similar trajectory. There doesn't exist a single large social network that directly charges users, so I don't think you can just assume that's a valid strategy. When you're on a wave like this, you ride it. They likely sold <15% of the company for that $100MM. Sure, the current product is silly. But it's unbelievably sticky for users and really fun. If you don't understand this, I bet haven't used it at length. It feels surprisingly like Twitter did early on. A new medium. A new protocol. A new way of interacting with friends. "Toys are not really as innocent as they look. Toys and games are preludes to serious ideas.” - Charles Eames