Snapchat is the New Facebook… 8 Years Ago

Not even 3 full months into this year, it’s already been the noisiest yet on one topic: Snapchat.

It began at the end of last year when DJ Khaled started sharing his keys to success and videos of his extravagant — and absurd — lifestyle. (I distinctly remember the Snap Story of him getting lost on a Jetski as the moment I decided following him just might enhance my quality of life; and it totally has.)

Now, DJ Khaled racks up 4 Million views per Story, and the world is following suit. People, brands, and even sports teams are flocking to Snapchat to win views and consume content.

But why now?

Because 2016 is to Snapchat what 2008 was to Facebook.

Here’s what I mean by that…

• 2008 was the year Facebook officially surpassed MySpace as the world’s largest social network — a milestone that now seems comical.
• 2008 was also the year I personally remember everyone around me consciously making the switch to Facebook. I’ll admit, I was skeptical at first; I didn’t get it. But it was the cool new thing, and I would’ve been missing out had I not joined.

Fast-forward 8 years, and here’s what we’re seeing today…

• 2016 is the first in recent years that a social network sits above Facebook and Instagram on the App Store — that social network is Snapchat.
• 2016 seems to be the year in which everyone who wasn’t in on Snapchat before has decided to get in on it now. For proof of this, just scroll through Twitter for a few seconds and note how many accounts have a Snapchat QR code as their profile picture (spoiler: it’s a lot).

Here’s another way of putting it… for both Snapchat and Facebook:

Step 1: Started with college students

Step 2: Expanded to teens and young people

Step 3: Became the most popular social network by the numbers

Step 4: Mass adoption in society and culture (we are here)

Step 5: $$$$$$$$$$

The comparison might not be perfect, but it’s important. Facebook has not slowed down at all since 2008, and is now one of the most valuable companies in the world. Even if Snapchat never quite gets to the same size as Facebook today (though I wouldn’t count that out), following the same growth trends as Facebook can’t be a bad thing.

So, what does this mean for Snapchat going forward?

1. It’s time to innovate on product. Even if you were a power user of Facebook in 2008, you probably can’t remember exactly what the product looked like back then. That is because Facebook has been famously (or infamously) excellent at consistently making improvements to its interface and introducing new experiences for its users. Snapchat will have to make UI changes over the course of this year that make its product easier to use and understand (a common critique of the app) if it is to handle the influx of users it’s currently experiencing. Otherwise, it runs the risk of just getting plenty of users in, but not keeping them.

Bold Product Prediction: we’re going to see a fully functional Snapchat web app by the end of this year.

2. It’s time to make money. This is another major critique of Snapchat, of which I’m not too concerned — any platform with the attention of 100 Million daily active users is monetizable. Performance ads in Discover and on-demand geofilters are a great start. But the numbers will have to reflect significant growth to satisfy critics and skeptics — so we’ll have to wait and see. Evan Spiegel projects at least $300MM in revenue this year (incidentally, Facebook’s revenue in 2008 was $272MM).

Bold Financial Prediction: Snapchat will crush Spiegel’s $300MM estimate. It’ll be closer to $400MM.

Now, what does all this mean for you?

Get in on Snapchat now! If you’re an individual user, get familiar with the platform and use it to both consume and produce content. If you’re a brand, create native content to generate relevance, exposure, and trust with your customers. The history of social media confirms that it is the first wave of influencers who end up being the most sustainable and successful down the line; so be one of them.

I’m excited to watch Snapchat continue to grow this year. Until then, I plan on using the product daily. If you’d like to join me, feel free to make me a friend: snapchat.com/add/lazalberto

Lastly, if you enjoyed this article, please give it a quick “Recommend” — It would mean the world to me. Thank you so much!