“We’re always thinking- where does the product go next? Our current focus is on live story product, and changing what it means to experience a live event. “But when you know you’re making the right decision for your business, you find the energy to persevere.” Check out a few innovation tips Evan shared with the Target Team. Evan and his team have faced public scrutiny for decisions they’ve made along the way. And more people (by the billions!) are experiencing major events like the MTV Video Music Awards and college football through the Snapchat app than through live TV.īut being innovative isn’t always easy. Snapchat is valued at around $16 billion and gets more than 5 billion views a day. Today, his team is creating mind-boggling experiences. It was a simple idea built around connecting a camera to the internet to share visuals (called Snaps), creating more engaging ways to communicate and learn about the world. In 2011, Evan and co-founder Bobby Murphy launched the first iteration of Snapchat, a video messaging tool. Last week, Evan joined Jeff Jones, Target’s chief marketing officer, for the second round of Outer Spaces, Target’s series of innovation talks at our Minneapolis headquarters. Spiegel, in May, warned of dire times to come, saying in a memo that macroeconomic challenges were leading to a growth slowdown at Snapchat, noting there has been a significant cutback in digital ad spending owing to the toxic combination of rising interest rates, sky-high inflation, supply-chain challenges, and the war in Ukraine.“Innovation is about surprising people and being focused on offering something really different.” Whenever Evan Spiegel, co-founder and CEO of Snapchat, considers what’s next for his company and product, that’s always the end goal. It has also shut down its Web3 team in the past month, along with several projects including a social mapping app an app that would have allowed people to write songs collaboratively and a drone selfie camera. Snap has announced plans to lay off roughly 20% of its staff and reportedly plans to give up its San Francisco offices. This comes as user growth is stagnating, but hasn’t quite come to a halt. The company recently posted a $360 million quarterly net loss and has been having trouble attracting advertisers. While the losses are on paper and both founders are still billionaires, the sharp drop underscores Snapchat’s troubled position in the social media space these days. 21, 2021, and currently is worth about $2.3 billion.Ĭofounder and CTO Bobby Murphy saw his worth fall 81% to $1.9 billion, per Bloomberg. Evan Spiegel, who is also CEO of the company, has seen his net worth fall 83% in the past year, as of Friday, according to Bloomberg.
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