As you correctly analyzed, snapchats value is majority in user-base. I believe it is specifically the attention of users that gives it value. We measure that wi

As you correctly analyzed, snapchats value is majority in user-base. I believe it is specifically the attention of users that gives it value. We measure that with metrics like reach, views, clicks, messages sent etc. The attention comes from the novelty of it, as you adequately put, it has a low barrier to entry due to it's 'low pressure'. It must maintain that attention through low pressure to maintain value. FB went the ad route a la google and then moved towards analytics. Twitter is doing the same. If snapchat went down that route they would have to analyze the photos taken, pictures drawn etc. to provide data to customers in the same way. Not to get too meta, but there is always value in self-expression.