Snap Inc. - Wikipedia

initial public offering SnapInc. FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Cameraandsocialmediacompany "Snap(company)"redirectshere.FortheBritishon-demandinter-citybuscompany,seeSnap(coachcompany). SnapInc.Currentlogo,unveiledonSeptember24,2016,duringthecompany'srebrand.FormerlySnapchatInc.(2011–2016)TypePublicTradedasNYSE: SNAPClassA(non-voting)ClassB(singlevote,private)ClassC(10votes,foundersonly,private)IndustryHardwareSocialmediaFoundedSeptember 16,2011;10yearsago (2011-09-16)(asSnapchatInc.)FoundersEvanSpiegelBobbyMurphyReggieBrownHeadquartersSantaMonica,California,U.S.AreaservedWorldwideKeypeopleMichaelLynton(Chairman)EvanSpiegel(CEO&Director)BobbyMurphy(CTO&Director)JeremiGorman(CBO)ProductsBitmojiSnapchatSpectaclesLookseryZenlyRevenueUS$4.117Billion(2021)[1]Operatingincome-US$702.609Million(FiscalYearEndedDecember31,2021)[1]Netincome-US$487.955Million(FiscalYearEndedDecember31,2021)[1]TotalassetsUS$7.536Billion(FiscalYearEndedDecember31,2021)[1]TotalequityUS$3.790Billion(FiscalYearEndedDecember31,2021)[1]OwnerEvanSpiegel&BobbyMurphy(95.8%votingpowercombined)Numberofemployees3,863(2021)SubsidiariesSnapLimitedWebsitesnap.comFootnotes /references[2][3][4][5][6][7][8][9][10][11][12] SnapInc.isanAmericancameraandsocialmediacompany,foundedonSeptember16,2011,byEvanSpiegel,BobbyMurphy,andReggieBrownbasedinSantaMonica,California.Thecompanydevelopedandmaintainstechnologicalproductsandservices,namelySnapchat,Spectacles,andBitmoji.ThecompanywasnamedSnapchatInc.atitsinception,butitwasrebrandedSnapInc.onSeptember24,2016,inordertoincludetheSpectaclesproductunderthecompanyname.[13] Thefoundersownacombined95%ofvotingshares(Spiegelwith48%andMurphywith47%),whichareundilutedandtransferabletotheotherwhenoneretiresordies.[12] Contents 1History 2Products 3Fundingandshares 3.12017initialpublicoffering 4Controversy 4.1ReggieBrownlawsuit 4.2FTCsettlement 4.32018redesign 5DataStorage 6References 7Externallinks History[edit] ThecompanywasfoundedonSeptember16,2011,byEvanSpiegelandBobbyMurphyupontherelaunchofPicabooasSnapchat.OnDecember31,2013,theapplicationwashackedand4.6millionusernamesandphonenumberswereleakedtotheInternet.[14]AlsoinDecember2013,EmilyWhite,whohadbeenahigh-profileexecutivewithFacebook,Instagram,andGoogle,washiredasCOO.HertenurewiththecompanyendedinMarch2015.[15] ByJanuary2014,thecompanyhadrefusedoffersofacquisition,includingoverturesfromMarkZuckerberg,withSpiegelcommentingthat"tradingthatforsomeshort-termgainisn’tveryinteresting."[16]InMay2014,thecompanyacquiredthesoftwarecompanyAddLiveandreachedanagreementwiththeFederalTradeCommission(FTC)followingtheleak,citingmisinterpretationsonstorageofuserdataandthefactthat"snaps"canstillbeaccessedregardlessofitsexpiration.[17][18]InDecember,thecompanyacquiredVergenceLabsfor$15millionincashandstock,whowerethedevelopersofEpiphanyEyewear,andthemobileappScanfor$50million,whichwasrevealedduringtheSonyPicturesEntertainmenthack.[19][20] InMay2015,thecompanymovedfromitsoriginalheadquarterstoa47,000 ft2(4,366m2)officecomplexnearVeniceBeachandsigneda10-yearlease.[21]Theywereoneofthefirstprominentsocialmediacompaniestoestablishthemselvesthere,alongsideotherssuchasWhisperandTinder,givingVenicethenewtitleof"SiliconBeach."[22][23]InFebruary2017,twoweeksbeforethecompany'sIPO,TheNewYorkTimespublishedafeatureaboutSnap'sroleinturningtheareaintoatechnologyhub,notingthatSnap,withatotalof1,900employees,had"alreadychangedthefaceofVenice."[24] InSeptember2015,SnapchatacquiredLookserytodevelopLensesforitsmobileapp,afeaturebasedonLooksery'sfacialrecognitionsoftware.[25] InMarch,July,andAugust2016,thecompanyacquiredBitstripsfor$100million,ObviousEngineering,thedevelopersofSeene,foranundisclosedamountandVurbfor$100million.[26][27][28]Vurbformerlydevelopedtheeponymousmobilesearchengine.TheVurbcard-basedengineremovedtheneedtoswitchthroughmultipleotherapplicationsonthedevicetoperformatask.[29] InSeptember2016,thecompanyofficiallynameditselfSnapInc.,andunveiledsmartglassesknownasSpectacles.[30][31][32]InNovember2016,thecompanyfileddocumentsforaninitialpublicoffering(IPO)withanestimatedmarketvalueof$25–35billion.[33][34][35]InDecember2016,thecompanyopenedresearchanddevelopmentinShenzhenandacquiredadvertisingandtechnologycompanyFliteandIsrael-basedaugmentedrealitystartupCimagineMediafor$30–40million.[36][37][38][39]ApartnershipissuedinDecember2016withTurnerBroadcastingSystemwillallowintegrationofTurnerpropertiesonSnapchat,whilecooperatingwithSnapInc.todeveloporiginalcontent.[40] InJanuary2017,thecompanyannouncedthatithadestablishedaninternationalheadquartersinSoho,London.[41]InearlyFebruary2017,thecompanyconfirmedtheirplansforanIPOin2017anditsexpectationtoraise$3billion.[42]InearlyMarch2017,thecompanywentpublicunderthetradingsymbolSNAP,andraisedalmost$30billioninmarketcapitalizationonthefirstdayoftrading.[43] InlateMay2017,thecompanyacquiredthelocationsharingappZenlyinacashandstockdeal.TheZenlyappwillremainfunctional,butitsconceptswereincorporatedintoaSnapchatfeatureaddedinJune2017.[44][45] InAugust2017,BusinessInsiderreportedthatGooglediscussedanoffertobuythecompanyfor$30billioninearly2016.[46] InOctober2017,thecompanyannouncedthatithadformedajointventurewithNBCUniversaltoproducecontentforSnap'splatforms,andthatithadsignedDuplassBrothersProductionsasitsfirstpartner.[47] InNovember2017,Tencentacquireda12%non-votingminorityequitystakeofthecompanyintheopenmarket.[48] OnOctober26,2018,atTwitchCon,SnaplaunchedanewdesktopapplicationformacOSandWindowsknownasSnapCamera.ItallowsuserstoutilizeSnapchatfiltersviaPCwebcamsinvideochatandlivestreamingservicessuchasSkype,Twitch,YouTube,andZoom.SnapalsoannouncedadditionalintegrationwithTwitch.[49] Products[edit] ThecompanydevelopsandmaintainstheimagemessagingandmultimediamobileappSnapchat,aswellasdevelopsandmanufacturesthewearablecameracalledSpectacles,apairofsmartglassesthatconnecttotheuser'sSnapchataccountandrecordsvideosinacircularvideoformatadjustableinanyorientation.[50]OnFebruary20,2017,SnapSpectaclesbecameavailableforpurchaseonline.[51]Thecompanysoldonly220,000pairsofSnapSpectaclesV1.ThecompanydevelopedandlaunchedSpectaclesV2inApril2018intheU.S.,Canada,U.K.andFrance;and13moreEuropeancountriesinMay2018.[52] Fundingandshares[edit] Snapchatappraised$485,000initsseedroundandanundisclosedamountofbridgefundingfromLightspeedVentures.[53]ByFebruary2013,Snapchatconfirmeda$13.5millionSeriesAfundingroundledbyBenchmarkCapital,whichvaluedthecompanyatbetween$60millionand$70million.[54]InJune2013,Snapchatraised$60millioninaSeriesBfundingroundledbyventure-capitalfirmInstitutionalVenturePartners.[55]Thefirmalsoappointedanewhigh-profileboardmember,MichaelLyntonofSony'sAmericandivision.[56]Bymid-July2013,amediareportvaluedthecompanyat$860million.[57]OnNovember14,2013,TheWallStreetJournalreportedthatFacebookofferedtoacquireSnapchatfor$3billion,butSpiegeldeclinedthecashoffer.[58]TechwriterOmMalikthenclaimedonNovember15,2013,thatGooglehadoffered$4billion,butSpiegelagaindeclined.[59]OnDecember11,2013,Snapchatconfirmed$50millioninSeriesCfundingfromCoatueManagement.[60]Beyond2014,thecompanyhadachieveda$10–$20billionvaluation,dependingonthesource,raising$100millioninSeriesDfundingledbyKPCB[61]and$485millioninaSeriesEroundledbyAlibabaGroup.[62][63]InvestorsincludedGeneralCatalyst,KingdomHoldingCompany,SVAngel,TencentandYahoo.AccordingtoreportsinMay2016,thecompany'sestimatedworthwassaidtobeapproaching$22.7billionintheeventofanewSeriesFroundofinvestmentof$1.8billionfromSparkCapital,GeneralAtlantic,SequoiaCapital,T.RowePrice,MeritechCapitalPartners,DragoneerInvestmentGroupandothers,ledbyFidelityInvestments.[64]Later,thecompanygotanadditional$200millioninthefollowingSeriesFPround.[65]Furtherreportsin2016suggestedthatfundingwasalmostat$3billionandthatSnapchatwastargetingyearlyrevenuesofabilliondollars.[66] GooglereportedlyofferedSnap$30billionin2016foracquisition,whichSnapturneddown.[67] 2017initialpublicoffering[edit] InJanuary2017,TheWallStreetJournalreportedthat"peoplefamiliarwiththematter"statedthatSnapInc.wouldshare2.5%ofthemoneyraisedinanupcominginitialpublicoffering(IPO)withthebanksmanagingtheIPO.ItalsoreportedthatafterthepredictedMarch2017IPO,thetwoSnapco-founderswouldholdover"70%ofthevotingpower"inthecompanyandownaround45%ofthetotalstock.[68]OnJanuary29,2017,itwasreportedthattheSnapInc.IPOwouldlikelytakeplaceontheNewYorkStockExchange.AsboththeNYSEandNasdaqhadbeen"aggressivelycourtingthelistingformorethanayear,"theWallStreetJournalcalledit"abigcompetitivevictoryfortheBigBoard."Snap'sIPOwasestimatedtovaluethecompanyatbetween$20billionand$25billion,thelargestIPOonaUSexchangesinceAlibabadebutedin2014atavalueof$168billion.[69]Beyondthetwofounders,thetwobiggestshareholdersfortheplannedearly2017SnapIPOwereBenchmarkandLightspeedVenturePartners,bothpriorinvestorsandventure-capitalfirmsfromSiliconValley.Theyheldacombinedstakeofabout20%.[70]OnMarch1,2017,itwasreportedthatSnapInc."valuesitselfatnearly$24BwithitsIPOpricing."[71]SnapInc.'sstockstartedtradingonMarch2,2017,underthesymbolSNAP,ontheNewYorkStockExchange.[72] WhenSnapreportedearningsforthefirsttimeinMay2017,theyreporteda$2.2billionquarterlyloss,andthestockfellmorethan20%,erasingmostofthegainssincetheIPO.[73]Itsmarketcapitalizationreached$100billionforthefirsttimeon22February2021.[74] Controversy[edit] ReggieBrownlawsuit[edit] InFebruary2013,ReggieBrownsuedEvanSpiegelandBobbyMurphy.Earlyinvestorsalsowereeventuallynamedinthelawsuit.BrownsaidthathehadoncebeenthechiefmarketingofficerfortheinitialselfieappusedtolaunchSnapchat,offeringevidenceofcontactswithpublicationssuchasCosmopolitan.Healsoclaimedthathehadcomeupwiththeoriginalconcept,whichhehadultimatelycalledPicaboo,andthathehadcreatedthemascotlogofortheproductwhileworkingwithSpiegeltopromoteandmarkettheidea.Originallytitled"ToyopaGroup,LLC,"Brownsaidthathehadnamedthenewlyformedcompanyaswell.Brown'slawyersoffereddocumentationofacollaborationwithSpiegelandMurphy,whichincludedthefilingofanoriginalpatentbythethreeStanfordclassmates,butSnapchatdescribedthelawsuitasmeritlessandcalledBrown'stacticsashakedown.DuringApril'sdepositions,Browntestifiedthathehadbelievedhewasanequalpartner,andthathehadagreedtosharecostsandprofits.SpiegelinsteaddescribedBrownasanunpaidinternwhohadbeenprovidedvaluableexperience,andalthoughMurphyclaimedthathehadnotfullyunderstoodwhatBrown'srolewassupposedtohavebeen,hetoocharacterizedBrown'sinvolvementashavingbeenthatofaninternship.Monthslater,Spiegeldismissedthelawsuitasanexampleofopportunistswhoseekoutrapidlysuccessfulcompaniesinanattempt"toalsoprofitfromthehardworkofothers."[75][76][77][78][79][80][81][82] On9September2014,thecompanyannouncedthattheyhadsettledthelawsuitforaninitiallyundisclosedamount.ThesettlementamountwasrevealedonFebruary2,2017,inSnap'sSECpublicfillingtobe$157.5million.[83][84]Aspartofthesettlement,theycreditedBrownwiththeconceptualideaforSnapchat.[85] ThepressreleasepublishedbySnapchat'scommunicationdepartmentquotedSpiegel:"WearepleasedthatwehavebeenabletoresolvethismatterinamannerthatissatisfactorytoMr.BrownandtheCompany.WeacknowledgeReggie'scontributiontothecreationofSnapchatandappreciatehisworkingettingtheapplicationofftheground."[85] FTCsettlement[edit] TheFederalTradeCommissionallegedthatthecompanyhadexaggeratedtothepublicthedegreetowhichmobileappimagesandphotoscouldactuallybemadetodisappear.Followingasettlementin2014,Snapchatwasnotfined,buttheappserviceagreedtohaveitsclaimsandpoliciesmonitoredbyanindependentpartyforaperiodof20years.[86] 2018redesign[edit] TheredesignoftheSnapchatappinearly2018madechangesforwhichmanyuserswerenothappy.[87][88]Around1.2millionpeoplepetitionedSnap,Inc.torollbacktheredesign.Snap,Inc'sreplymakesnoconcessions,otherthannoting,"WecompletelyunderstandthenewSnapchathasfeltuncomfortableformany."[89][90][91] Duetotheredesignandothermarketfactorsin2018,suchasthegrowthofInstagramStoriesandWhatsAppStatus,[92]DailyActiveUsers(DAU)oftheapponlyrose2%fromQ42017.Snap,Inc.stockfellmorethan15%inafter-hourstradingfollowingtheearningsreportrelease.[93][94][95][96]GrowthofdailyactiveusersslowedinQ12018,andthegrowthrateforQ22018was"plannedtodeceleraterapidlyfromQ1levels."[97]Snap,Inc.hascommentedontheredesign,saying,"Wehavealsostartedtorealisesomeofthepositivebenefits[oftheredesign],includingincreasednewuserretentionforolderusers."[97]Somepublishersfeeltheturntowardstheolderdemographicspellstheendfortheapp.[98] DataStorage[edit] InaDecember2020announcement,GoogleCloudconfirmedthedevelopmentofthememorandumofunderstanding(MoU)itsignedwithAramco,SaudiArabia.TheupdatestatedthepossibilityofexploringoptionstoestablishcloudservicesinSaudi,whereitconfirmedstoringSnapchatdata.ThedecisionwascontestedbyAccessNow,anon-profitorganization,andCIPPIC,aCanadianpublicinteresttechnologylawclinic.ThefirmsobjectedtoGoogle'sdecisionofchoosingSaudiArabiaasitsnewGoogleCloudregionoverlookinganalarmingrecordofhumanrightsabuseandlongstandingsurveillanceaccusations.ThefirmsclaimedthatplacingthepersonalinformationofmillionsofSnapchatuserswouldputitunderthejurisdictionofthegovernmentofSaudiArabia,jeopardizingthesecurityofthedata.[99][100][101] References[edit] ^abcde"SnapInc.2021Form8-KReport"(PDF).cloudfront.net.31December2021.Retrieved4February2022. ^"Snap".Forbes. ^Wagner,Kurt(February21,2017)."OnewaySnapchat'sIPOwillbeunique:Theshareswon'tcomewithvotingrights".Vox. 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Externallinks[edit] Officialwebsite BusinessdataforSnapInc.:GoogleFinanceYahoo!FinanceBloombergReutersSECfilings CurrentShareholders SECFilings vteSnapInc.Productsandacquisitions Bitmoji Scan Snapchat timeline DancingHotDog Spectacles Zenly PeopleFounders BobbyMurphy EvanSpiegel ExecutiveofficersCurrent MichaelLynton(Chairman) EvanSpiegel(CEO) BobbyMurphy(CTO) Former EmilyWhite(COO) Portals:CompaniesTelecommunicationsTechnology Authoritycontrol ISNI 1 Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Snap_Inc.&oldid=1071089582" Categories:SnapInc.2011establishmentsinCalifornia2017initialpublicofferingsCompaniesbasedinLosAngelesCompanieslistedontheNewYorkStockExchangeHoldingcompaniesestablishedin2016Massmediacompaniesestablishedin2011Internetpropertiesestablishedin2011MassmediacompaniesoftheUnitedStatesSocialmediacompaniesTechnologycompaniesbasedinGreaterLosAngelesTechnologycompaniesestablishedin2011Venice,LosAngelesHiddencategories:CS1maint:archivedcopyastitleWebarchivetemplatewaybacklinksArticleswithshortdescriptionShortdescriptionisdifferentfromWikidataOfficialwebsitedifferentinWikidataandWikipediaArticleswithISNIidentifiers Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk English expanded collapsed Views ReadEditViewhistory More expanded collapsed Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Inotherprojects WikimediaCommons Languages العربيةتۆرکجهDeutschEestiΕλληνικάEspañolفارسیFrançaisहिन्दीNederlands日本語PortuguêsРусскийSuomiTürkçe中文 Editlinks