Your Cart: * 350m snaps per day + potential growth - At least 3 interaction screens per snap (pre-view/view/post-view): that's over 1bn places you could put,

Your Cart: * 350m snaps per day + potential growth - At least 3 interaction screens per snap (pre-view/view/post-view): that's over 1bn places you could put, say, ads per day. Do the CPI/conversion math on that. * User data for 200m+ users + the ability to extend and refine * A direct line to 200m+ home screens via push notifications * Enough inertia to mitigate the threat of competition (Facebook challenged with the Poke app, that failed) * The potential to change/extend the feature set to more revenue oriented streams * All other possible things you could do with an enormous and massively engaged captive audience...e.g. walking past Starbucks - they're having a slow day. Receive Snapchat from Starbucks with scannable special offer code and super quick expiry. We've just made Groupon for the high street. * Rights to all the above until the end of time Total: $4bn Doesn't seem so crazy to me.