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131-585: Snapchat is an American multimedia instant messaging app and service developed by Snap Inc. , originally Snapchat Inc. One of the principal features of the multimedia Snapchat is that pictures and messages are usually available for only a short time before they become inaccessible to their recipients. The app has evolved from originally focusing on person-to-person photo sharing to presently featuring users' "Stories" of 24 hours of chronological content, along with "Discover", letting brands show ad-supported short-form content. It also allows users to store photos in

262-513: A microphone , videotelephony using webcams , file transfer, location sharing, image and video transfer, voice notes, and other features. IM is conducted over the Internet or other types of networks (see also LAN messenger ). Depending on the IM protocol, the technical architecture can be peer-to-peer (direct point-to-point transmission) or client–server (when all clients have to first connect to

393-609: A password -protected area called "My Eyes Only". It has also reportedly incorporated limited use of end-to-end encryption , with plans to broaden its use in the future. Snapchat was created by Evan Spiegel , Bobby Murphy , and Reggie Brown, former students at Stanford University . It is known for representing a mobile-first direction for social media , and places significant emphasis on users interacting with virtual stickers and augmented reality objects. In 2023, Snapchat had over 300 million monthly active users. On average more than four billion Snaps were sent each day in 2020. Snapchat

524-529: A "My Eyes Only" area that is locked with a Personal identification number (PIN). Snapchat has stated that the Memories feature was inspired by the practice of manually scrolling through photos on a phone to show them to others. In April 2017, the white border around old memories was removed. While originally intended to let viewers know the material was old, TechCrunch wrote that the indicator "ended up annoying users who didn't want their snaps altered, sometimes to

655-558: A "Travel Mode" option was added in August 2015. When activated, the feature prevents the automatic downloading of snaps until they are explicitly requested by the user. In October 2016, the app was updated to replace its auto-advance functionality, which automatically moved users from one story to the next, with a "Story Playlist" feature, letting users select thumbnails of users in the list to play only selected stories. In January 2017, Snapchat revamped its design, adding search functionality and

786-407: A $ 13.5 million Series A funding round led by Benchmark , which valued the company at between $ 60 million and $ 70 million. In June 2013, Snapchat raised $ 60 million in a Series B funding round led by venture capital firm Institutional Venture Partners . The firm also appointed a new high-profile board member, Michael Lynton of Sony 's American division. By mid-July 2013, a media report valued

917-543: A 12% non-voting minority equity stake of the company in the open market. On October 26, 2018, at TwitchCon , Snap launched a new desktop application for macOS and Windows known as Snap Camera. It allows users to utilize Snapchat filters via PC webcams in video chat and live streaming services such as Skype , Twitch , YouTube , and Zoom . Snap also announced additional integration with Twitch. In August 2022, The Verge reported that Snap would be laying off 20% of its 6,400-person workforce. The layoffs primarily impacted

1048-457: A CIM provides the advantage of being inexpensive to implement and has little need for investing in new hardware or server software. IM is increasingly becoming a feature of enterprise software rather than a stand-alone application. Instant messaging has proven to be similar to personal computers, email, and the World Wide Web , in that its adoption for use as a business communications medium

1179-498: A Change.org petition asking the company to remove the new app update. In December 2019, App Annie announced Snapchat to be the 5th most downloaded mobile app of the decade. The data includes figures for iOS downloads starting from 2010 and Android downloads starting from 2012. Snapchat acquired AI Factory, a computer vision startup, in January 2020 to give a boost to its video capabilities. In November 2020, Snapchat announced it would pay

1310-424: A chat, including games like Tetris and Blackjack . Discord features multiple games built inside the "activities" tab in voice channels . A relatively new feature to the world of instant messaging, peer-to-peer payments are available to do both financial tasks on top of communication. The lack of a service fee also makes these advantageous to financial applications. IM services such as Facebook Messenger and

1441-511: A combined stake of about 20%. On March 1, 2017, it was reported that Snap Inc. "values itself at nearly $ 24B with its IPO pricing." Snap Inc.'s stock started trading on March 2, 2017, under the symbol SNAP, on the New York Stock Exchange. When Snap reported earnings for the first time in May 2017, they reported a $ 2.2 billion quarterly loss, and the stock fell more than 20%, erasing most of

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1572-480: A component of their overall platform, such as Facebook 's Facebook Messenger , who also own WhatsApp . Others have a direct IM function as an additional adjunct component of their social networking platforms , like Instagram , Reddit , Tumblr , TikTok , Clubhouse and Twitter ; this also includes for example dating websites , such as OkCupid or Plenty of Fish , and online gaming chat platforms. Private chat allows private conversation with another person or

1703-578: A contact list also known as a "buddy list" or "friend list") or in chat rooms , and can be standalone apps or integrated into a wider social media platform, or in a website where it can for instance be used for conversational commerce . Originally the term "instant messaging" was distinguished from " text messaging " by being run on a computer network instead of a cellular/mobile network, being able to write longer messages, real-time communication, presence ("status"), and being free (only cost of access instead of per SMS message sent). Instant messaging

1834-806: A day on Slack, which is about 67% more time than they spend using email . Instant messaging is implemented in many video-conferencing tools. A study of chat use during work-related videoconferencing found that chat during meetings allows participants to communicate without interrupting the meeting, plan action around common resources, and enables greater inclusion. The study also found that chat can cause distractions and information asymmetries between participants. Users sometimes make use of internet slang or text speak to abbreviate common words or expressions to quicken conversations or reduce keystrokes. The language has become widespread, with well-known expressions such as ' lol ' translated over to face-to-face language. Emotions are often expressed in shorthand, such as

1965-439: A group. The privacy aspect can also be enhanced in a number of ways such as end to end encryption by default. Public and group chat features allow users to communicate with multiple people at a time. Many major IM services and applications offer a call feature for user-to-user voice calls, conference calls, and voice messages. The call functionality is useful for professionals who utilize the application for work purposes and as

2096-412: A hands-free method. Videotelephony using a webcam is also possible by some. Some IM applications include in-app games for entertainment. Yahoo! Messenger for example introduced these where users could play a game and viewed by friends in real-time. MSN Messenger featured a number of playable games within the interface. Facebook's Messenger has had a built in option to play games with people in

2227-407: A more interactive experience with users. The lenses now incorporate geo-locational mapping techniques to incorporate digital overlays onto real world surfaces. These lenses track 18 joints across the body to identify body movements, and generate effects around the body of the user. Advertising is now also utilizing AR lenses that make users a part of the advert. Coca-Cola, Pepsi and Taco Bell are just

2358-417: A new global live "Our Story" feature, to which any user can contribute. In May 2017, Snapchat introduced "Custom Stories", letting users collaboratively make stories combining their captures. In June 2017, "Snap Map" was introduced, which allows users to optionally share their location with friends. A map display, accessible from the viewfinder, can be used to locate stories based on location data, supporting

2489-1042: A new platform called Microsoft Office Live Communications Server , and released Office Communications Server 2007 in October 2007. Oracle Corporation also jumped into the market with its Oracle Beehive unified collaboration software. Both IBM Lotus and Microsoft have introduced federation between their EIM systems and some of the public IM networks so that employees may use one interface to both their internal EIM system and their contacts on AOL, MSN, and Yahoo. As of 2010, leading EIM platforms include IBM Lotus Sametime , Microsoft Office Communications Server , Jabber XCP and Cisco Unified Presence. Industry-focused EIM platforms such as Reuters Messaging and Bloomberg Messaging also provide IM abilities to financial services companies. Crackers (malicious or black hat hackers) have consistently used IM networks as vectors for delivering phishing attempts, drive-by URLs , and virus-laden file attachments, with over 1100 discrete attacks listed by

2620-410: A notable new example of traditional IM originally designed for desktops. Most IM protocols are proprietary and are not designed to be interoperable with others, meaning that many IM networks have been incompatible and users have been unable to reach users on other networks. As of 2024, fragmentation of IM services means that a typical user is likely to have to use more networks than ever, including

2751-452: A period of 20 years. The redesign of the Snapchat app in early 2018 made changes for which many users were not happy. Around 1.2 million people petitioned Snap, Inc. to roll back the redesign. Snap, Inc's reply makes no concessions, other than noting, "We completely understand the new Snapchat has felt uncomfortable for many." Due to the redesign and other market factors in 2018, such as

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2882-515: A photo with the app filling in the space with the background, were also released. In July 2017, Snapchat started allowing users to add links to snaps, enabling them to direct viewers to specific websites; the feature was only available for brands previously. Additionally, the update added more creative tools: A "Backdrop" feature lets users cut out a specific object from their photo and apply colorful patterns to it in order to bring greater emphasis to that object, and "Voice Filters" enable users to remix

3013-437: A private storage area, where they can be viewed alongside other photos stored on the device, as well as edited and published as snaps, story posts, or messages anytime. When shared with a user's current story, the memory would have a timestamp to indicate its age. Content in the Memories storage area can be searched by date or using a local object recognition system. Snaps accessible within Memories can additionally be placed into

3144-502: A public "Story" called "Our Story". The ability to send video snaps was added as a feature option in December 2012. By holding down on the photo button while inside the app, a video of up to ten seconds in length can be captured. Spiegel explained that this process allowed the video data to be compressed into the size of a photo. A later update allowed the ability to record up to 60 seconds, but are still segmented into 10 second intervals. After

3275-434: A reported 100 million users of instant messaging in 2001. As of 2003, AIM was the globally most popular instant messenger with 195 million users and exchanges of 1.6 billion messages daily. By 2006, AIM controlled 52 percent of the instant messaging market, but rapidly declined shortly thereafter as the company struggled to compete with other services. Instant messaging integrated in other services started picking up pace in

3406-487: A select few of the brands now utilizing the tech on Snapchat. Consumers no longer scroll past these adverts, but become a part of them with AR lenses. In March 2022, Snapchat launched the ability to share YouTube videos as stickers. The stickers function as clickable links that redirect users to a browser or the YouTube app. Friend emojis can be customized, however the default emojis are listed below. The snapscore, which states

3537-416: A separately installed piece of software, or a browser-based client. They are normally centralised networks run by the servers of the platform's operators, unlike peer-to-peer protocols like XMPP . These usually only work within the same IM network, although some allow limited function with other services (see #Interoperability ). Third party client software applications exist that will connect with most of

3668-408: A show called My Ex-BFF Court ," which is a spoof of daytime-TV fare like the typical court shows we watch for example " Divorce Court " in which two ex-friends try to fix their problems. Who ever is guilty gets a funny sentence. Each episode is hosted by Judge Matteo Lane who is also known as Matthew Lane. In 2018, Snapchat / Vertical Networks made a deal with Fox to make a television version of

3799-484: A similar rewards system called "Perks". In October 2013, Snapchat introduced the "My Story" feature, which allows users to compile snaps into chronological storylines, accessible to all of their friends. By June 2014, photo and video snaps presented to friends in the Stories functionality had surpassed person-to-person private snaps as the most frequently used function of the service, with over one billion viewed per day—double

3930-512: A single viewing, the video disappears by default. On May 1, 2014, the ability to communicate via video chat was added. Direct messaging features were also included in the update, allowing users to send ephemeral text messages to friends and family while saving any needed information by clicking on it. According to CIO, Snapchat uses real-time marketing concepts and temporality to make the app appealing to users. According to Marketing Pro, Snapchat attracts interest and potential customers by combining

4061-428: A story. The video chat feature uses technology from AddLive—a real-time communications provider that Snapchat acquired prior to the feature's launch. In regards to the "Here" indicator, Spiegel explained that "the accepted notion of an online indicator that every chat service has is really a negative indicator. It means 'my friend is available and doesn't want to talk to you,' versus this idea in Snapchat where 'my friend

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4192-411: A total of $ 1 million a day to users who post viral videos. The company has not stated the criteria for a video to be considered viral or how many people the payout would be split between. The promotion, called Snapchat Spotlight, was initially intended to run until the end of the year. As of 2024, the program continues to operate but its payout structure changed in 2021 as the company announced a shift from

4323-593: A type of graphical user interface (GUI), albeit much more primitive than the later Unix , Windows and Macintosh based GUI IM software. OLMs were what Q-Link called "Plus Services" meaning they charged an extra per-minute fee on top of the monthly Q-Link access costs. Development of the Internet Relay Chat (IRC) protocol began in 1989, and this would become the Internet's first widespread instant messaging standard. Modern, Internet-wide, GUI -based messaging clients as they are known today, began to take off in

4454-773: A unified standard. In 2022, the European Union passed the Digital Markets Act , which largely came into effect in early 2023. Among other things, the legislation mandates certain interoperability between the largest IM platforms in use in Europe. As a result, in March 2024, Meta Platforms opened up its WhatsApp and Messenger networks to be interoperable. There are two ways to combine the many disparate protocols: Some approaches allow organizations to deploy their own, private instant messaging network by enabling them to restrict access to

4585-531: Is a technology company, founded on September 16, 2011, by Evan Spiegel , Bobby Murphy , and Reggie Brown based in Santa Monica, California . The company developed and maintains technological products and services, namely Snapchat , Spectacles , and Bitmoji . The company was named Snapchat Inc. at its inception, but it was rebranded Snap Inc. on September 24, 2016, in order to include the Spectacles product under

4716-634: Is activated by long-pressing on a face within the viewfinder. In April 2017, Snapchat extended this feature into "World Lenses", which use augmented reality technology to integrate 3D rendered elements (such as objects and animated characters) into scenes; these elements are placed and anchored in 3D space . On October 26, 2018, at TwitchCon , Snap launched the Snap Camera desktop application for macOS and Windows PCs, which enables use of Snapchat lenses in videotelephony and live streaming services such as Skype , Twitch , YouTube , and Zoom . However, this

4847-519: Is here and is giving you their full attention.'" Spiegel further claimed that the Here video function prevents the awkwardness that can arise from apps that use typing indicators because, with text communication, conversations lose their fluidity as each user tries to avoid typing at the same time. On March 29, 2016, Snapchat launched a major revision of the messaging functionality known as "Chat 2.0", adding stickers, easier access to audio and video conferencing,

4978-443: Is in direct contrast to email , where conversations are not in real-time, and the perceived quasi- synchrony of the communications by the users (although many systems allow users to send offline messages that the other user receives when logging in). Earlier IM networks were limited to text-based communication, not dissimilar to mobile text messaging . As technology has moved forward, IM has expanded to include voice calling using

5109-569: Is popular among the younger generations, with most users being between 18 and 24. Snapchat is subject to privacy concerns with social networking services . According to documents and deposition statements, Reggie Brown brought the idea for a disappearing-pictures application to Evan Spiegel because Spiegel had prior business experience. Brown and Spiegel then pulled in Bobby Murphy , who had experience coding . The three worked closely together for several months and launched Snapchat as "Picaboo" on

5240-568: Is used for a variety of creative purposes that are not necessarily privacy-related at all. In the study, only 1.6% of respondents reported using Snapchat primarily for sexting, although 14.2% admitted to having sent sexual content via Snapchat at some point. These findings suggest that users do not seem to utilize Snapchat for sensitive content. Rather, the primary use for Snapchat was found to be for comedic content such as "stupid faces" with 59.8% of respondents reporting this use most commonly. The researchers also determined how Snapchat users do not use

5371-498: The AIDA (marketing) model with modern digital technology. Private message photo snaps can be viewed for a user-specified length of time (1 to 10 seconds as determined by the sender) before they become inaccessible. Users were previously required to hold down on the screen in order to view a snap; this behavior was removed in July 2015 The requirement to hold on the screen was intended to frustrate

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5502-411: The U.S. patent office . Meanwhile, other companies developed their own software; ( Excite , Microsoft (MSN) , Ubique , and Yahoo! ), each with its own proprietary protocol and client ; users therefore had to run multiple client applications if they wished to use more than one of these networks. However, the open protocol IRC continued to be popular by the millenium, and its most popular graphical app

5633-546: The WeChat ' super-app ' for example offer a payment feature. Though the term dates from the 1990s, instant messaging predates the Internet, first appearing on multi-user operating systems like Compatible Time-Sharing System (CTSS) and Multiplexed Information and Computing Service ( Multics ) in the mid-1960s. Initially, some of these systems were used as notification systems for services like printing, but quickly were used to facilitate communication with other users logged into

5764-447: The chief marketing officer for the initial selfie app used to launch Snapchat, offering evidence of contacts with publications such as Cosmopolitan . He also claimed that he had come up with the original concept, which he had ultimately called Picaboo, and that he had created the mascot logo for the product while working with Spiegel to promote and market the idea. Originally titled "Toyopa Group, LLC," Brown said that he had named

5895-472: The dating and reality show Phone Swap . In 2018, Snapchat got a new show called How Low Will You Go that was created by Above Average Productions and NBC . In contrast to other messaging apps, Spiegel described Snapchat's messaging functions as being "conversational", rather than "transactional", as they sought to replicate the conversations he engaged in with friends. Spiegel stated that he did not experience conversational interactions while using

6026-643: The iOS operating system on July 8, 2011. Reggie Brown was ousted from the company months after it was launched. The app was relaunched as Snapchat in September 2011, and the team focused on usability and technical aspects, rather than branding efforts. One exception was the decision to keep a mascot designed by Brown, "Ghostface Chillah", named after Ghostface Killah of the hip-hop group Wu-Tang Clan . On May 8, 2012, Reggie Brown sent an email to Evan Spiegel during their senior year at Stanford, in which he offered to re-negotiate his equitable share regarding ownership of

6157-575: The image messaging and multimedia mobile app Snapchat , as well as the Snapchat's Augmented Reality (AR) ad lens. The function was launched in September 2015. Specifically, the AR ad lens is one of the unique features of Snapchat, which allows advertisers to attract their target audience with various innovative lenses. Users can also use these lenses to change their faces, appearance, and even surroundings based on their preferences, and share those visual images or videos within their social networks. In addition,

6288-498: The server (often with the IM network entirely behind their firewall ) and administer user permissions. Other corporate messaging systems allow registered users to also connect from outside the corporation LAN, by using an encrypted, firewall-friendly, HTTPS-based protocol. Usually, a dedicated corporate IM server has several advantages, such as pre-populated contact lists, integrated authentication, and better security and privacy. Instant messaging has changed how people communicate in

6419-530: The $ 1 million per day model to a "millions per month" one. In June 2022, Snapchat announced plans to launch Snapchat Plus, a paid subscription model. The subscription gives users early access to features, the ability to change the app icon and see which users rewatch their stories. In July 2022, the company reported that they had 347 million daily active users, an increase of 18% from the previous year. In August 2022, Snapchat announced that Snapchat Plus had more than 1 million subscribers and added four new features to

6550-515: The 1980s, some systems incorporated chat features which were similar to instant messaging; Freelancin' Roundtable was one prime example. The first such general-availability commercial online chat service (as opposed to PLATO, which was educational) was the CompuServe CB Simulator in 1980, created by CompuServe executive Alexander "Sandy" Trevor in Columbus, Ohio . As networks developed,

6681-465: The Big Board." Snap's IPO was estimated to value the company at between $ 20 billion and $ 25 billion, the largest IPO on a US exchange since Alibaba debuted in 2014 at a value of $ 168 billion. Beyond the two founders, the two biggest shareholders for the planned early 2017 Snap IPO were Benchmark and Lightspeed Venture Partners, both prior investors and venture-capital firms from Silicon Valley . They held

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6812-550: The IM Security Center in 2004–2007. Hackers use two methods of delivering malicious code through IM: delivery of viruses, trojan horses , or spyware within an infected file, and the use of "socially engineered" text with a web address that entices the recipient to click on a URL connecting him or her to a website that then downloads malicious code. IM connections sometimes occur in plain text , making them vulnerable to eavesdropping. Also, IM client software often requires

6943-509: The Quantum Link client software ran on a Commodore 64 , using only the Commodore's PETSCII text-graphics, the screen was visually divided into sections and OLMs would appear as a yellow bar saying "Message From:" and the name of the sender along with the message across the top of whatever the user was already doing, and presented a list of options for responding. As such, it could be considered

7074-480: The U.S., Canada, U.K. and France; and 13 more European countries in May 2018. On April 28, 2022, the company announced a mini drone called Pixy. Later that year in August, it was reported that future development of Pixy would be discontinued, while continuing to sell the current iteration of the drone. Snapchat app raised $ 485,000 in its seed round and an undisclosed amount of bridge funding from Lightspeed Venture Partners . By February 2013, Snapchat confirmed

7205-773: The Unix "talk" command line program, which was popular in the 1980s and early 1990s. Some BBS chat programs (i.e. Celerity BBS ) also used a similar interface. Modern implementations of real-time text also exist in instant messengers, such as AOL's Real-Time IM as an optional feature. In the latter half of the 1980s and into the early 1990s, the Quantum Link online service for Commodore 64 computers offered user-to-user messages between concurrently connected customers, which they called "On-Line Messages" (or OLM for short), and later "FlashMail." Quantum Link later became America Online and made AOL Instant Messenger (AIM, discussed later). While

7336-414: The abbreviation LOL , BRB and TTYL ; respectively laugh(ing) out loud, be right back, and talk to you later. Some, however, attempt to be more accurate with emotional expression over IM. Real time reactions such as ( chortle ) ( snort ) ( guffaw ) or ( eye-roll ) have been popular at one point. Also there are certain standards that are being introduced into mainstream conversations including, '#' indicates

7467-710: The ability to leave audio or video "notes", and the ability to share recent camera photos. The implementation of these features are meant to allow users to easily shift between text, audio, and video chat as needed while retaining an equal level of functionality. In June 2018, Snapchat added the feature of deleting a sent message (including; audio, video, and text) before it is read. A feature introduced in August 2018 allows users to send Musical GIFs, TuneMojis. In August 2022, Snap Inc. announced it would discontinue all original scripted content with no plans to continue work in this direction. In 2023, Snapchat had over 300 million monthly active users. In January 2018, Snapchat introduced

7598-400: The ability to take screenshots of snaps; the Snapchat app does not prevent screenshots from being taken but can notify the sender if it detects that it has been saved. However, these notifications can be bypassed through either unauthorized modifications to the app or by obtaining the image through external means. One snap per day can be replayed for free. In September 2015, Snapchat introduced

7729-649: The activity of their children, ages 13–18, within the app. In February 2023, Snapchat launched "My AI", a custom chatbot offering Snapchat+ users access to a mobile version of the AI chatbot ChatGPT . It followed up by announcing that its customizable My AI chatbot would be accessible to all users within the app in April 2023, a month after OpenAI allowed access to third parties, and would be available for group chats. Snaps can be personalized with various forms of visual effects and stickers . Geofilters are graphical overlays available if

7860-451: The amount of snaps one has sent and received is recorded and is visible to one's friends. If users tap their own score it shows the ratio of sent and received snaps, the amount of snaps they have sent is on the right and the amount of snaps they have received is on the left, these numbers combined are their Snapchat score. There are multiple synonyms for Snapchat score such as Snapchat points, Snapscore, Snap points and Snap Number. YouTube has

7991-543: The app store, the age classification is 12+. In 2014, researchers from the University of Washington and Seattle Pacific University designed a user survey to help understand how and why the application was being used. The researchers originally hypothesized that due to the ephemeral nature of Snapchat messages, its use would be predominantly for privacy-sensitive content including the much talked about potential use for sexual content and sexting . However, it appears that Snapchat

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8122-722: The app's contributors and selected for the "Live" section could also be more localized, but Snapchat eventually scaled back the more personal imaging streams in order to emphasize public events. An "Official Stories" designation was added in November 2015 to denote the public stories of notable figures and celebrities, similar to Twitter 's "Verified account" program. In January 2015, Snapchat introduced "Discover" an area containing channels of ad-supported short-form content from major publishers, including BuzzFeed , CNN , ESPN , Mashable , People , Vice and Snapchat itself among others. To address data usage concerns related to these functions,

8253-491: The application and what types of content they are not willing to send. They found that the majority of users are not willing to send content classified as sexting (74.8% of respondents), photos of documents (85.0% of respondents), messages containing legally questionable content (86.6% of respondents), or content considered mean or insulting (93.7% of respondents). Instant messaging Instant messaging systems facilitate connections between specified known users (often using

8384-543: The central server). Major IM services are controlled by their corresponding companies and usually follow the client–server model. The term "Instant Messenger" is a service mark of Time Warner and may not be used in software not affiliated with AOL in the United States. For this reason, in April 2007, the instant messaging client formerly named Gaim (or gaim) announced that they would be renamed " Pidgin ". Modern IM services generally provide their own client, either

8515-482: The company acquired Bitstrips for $ 100 million, Obvious Engineering, the developers of Seene, for an undisclosed amount and Vurb for $ 100 million. Vurb formerly developed the eponymous mobile search engine . The Vurb card-based engine removed the need to switch through multiple other applications on the device to perform a task. In September 2016, the company officially named itself Snap Inc. , and unveiled smartglasses known as Spectacles . In November 2016,

8646-528: The company acquired Vergence Labs for $ 15 million in cash and stock, who were the developers of Epiphany Eyewear , and the mobile app Scan for $ 50 million, which was revealed during the 2014 Sony Pictures hack . In May 2015, the company moved from its original headquarters to a 47,000 ft (4,366 m ) office complex near Venice Beach and signed a 10-year lease . They were one of the first prominent online platforms to establish themselves there, alongside others such as Whisper and Tinder , giving Venice

8777-479: The company acquired the software company AddLive to provide needed technology to create a new video chat feature. In that same month, it settled U.S. Federal Trade Commission (FTC) charges over its having misled users regarding its collection of their address book data and transmission of their locations (without notice or consent), and regarding its claim that user messages disappeared after their expiration (rather than remaining accessible, as they had). In December,

8908-435: The company also develops and manufactures the wearable camera called Spectacles , a pair of smartglasses that connect to the user's Snapchat account and records videos in a circular video format adjustable in any orientation. On February 20, 2017, Snap Spectacles became available for purchase online. The company sold only 220,000 pairs of Snap Spectacles V1. The company developed and launched Spectacles V2 in April 2018 in

9039-464: The company announced that it had established an international headquarters in Soho , London . In early February 2017, the company confirmed their plans for an IPO in 2017 and its expectation to raise $ 3 billion. In early March 2017, the company went public under the trading symbol SNAP, and raised almost $ 30 billion in market capitalization on the first day of trading. In late May 2017, the company acquired

9170-476: The company at $ 860 million. On November 14, 2013, The Wall Street Journal reported that Facebook offered to acquire Snapchat for $ 3 billion, but Spiegel declined the cash offer. Tech writer Om Malik then claimed on November 15, 2013, that Google had offered $ 4 billion, but Spiegel again declined. On December 11, 2013, Snapchat confirmed $ 50 million in Series C funding from Coatue Management . Beyond 2014,

9301-615: The company developing Snapchat, had signed deals with NBCUniversal , A&E Networks , BBC , ABC , Metro-Goldwyn-Mayer and other content producers to develop original shows for viewing through Snapchat's "Stories" format. According to the report, Snap hoped to have several new shows available on a daily basis, with each show lasting between three and five minutes, and the company has sent out detailed reports to its partners on how to produce content for Snapchat. Over 2017 and 2018, Snap and partners launched several shows. In, 2018 Snapchat and Vertical Networks (Snapchat Publisher Story) created

9432-596: The company filed documents for an initial public offering (IPO) with an estimated market value of $ 25–35 billion. In December 2016, the company opened research and development in Shenzhen and acquired advertising and technology company Flite and Israel -based augmented reality startup Cimagine Media for $ 30–40 million. A partnership issued in December 2016 with Turner Broadcasting System will allow integration of Turner properties on Snapchat, while cooperating with Snap Inc. to develop original content. In January 2017,

9563-457: The company had achieved a $ 10–$ 20 billion valuation, depending on the source, raising $ 100 million in Series D funding led by KPCB and $ 485 million in a Series E round led by Alibaba Group . Investors included General Catalyst , Kingdom Holding Company , SV Angel , Yahoo! , and Tencent . According to reports in May 2016, the company's estimated worth was said to be approaching $ 22.7 billion in

9694-516: The company name. The company was founded on September 16, 2011, by Evan Spiegel and Bobby Murphy upon the relaunch of the photo sharing app Picaboo as Snapchat . On December 31, 2013, the application was hacked and 4.6 million usernames and phone numbers were leaked to the Internet. By January 2014, the company had refused offers of acquisition, including overtures from Mark Zuckerberg , with Spiegel commenting that "trading that for some short-term gain isn’t very interesting." In May 2014,

9825-458: The company's hardware division and the developer products including the separately run Zenly. On 5 February 2024, Snap Inc. announced it would lay off 10% of its global workforce, approximately 500 employees, partly to enhance in-person collaboration, marking another significant reduction following a 20% staff cut in 2022. On September 12, 2024, Snap appointed Yahoo CEO Jim Lanzone to its board of directors. The company develops and maintains

9956-508: The company. By May 31, 2016, the app had almost 10 million daily active users in the United Kingdom. In February 2017, Snapchat had 160 million daily active users, growing to 166 million in May. Investel Capital Corp., a Canadian company, sued Snapchat for infringement on its geofiltering patent in 2016. They were seeking "monetary compensation and an order that would prohibit California-based Snapchat from infringing on its patent in

10087-421: The company. Lawyers for Snapchat claimed that Reggie Brown had made no contributions of value to the company, and was therefore entitled to nothing. In September 2014, Brown settled with Spiegel and Murphy for $ 157.5 million and was credited as one of the original authors of Snapchat. In their first blog post, dated May 9, 2012, CEO Evan Spiegel described the company's mission: "Snapchat isn't about capturing

10218-495: The corporation. Similar to the e-mail filtering vendors, the IM security providers focus on the risks and liabilities described above. With rapid adoption of IM in the workplace, demand for IM security products began to grow in the mid-2000s. By 2007, the preferred platform for the purchase of security software had become the " computer appliance ", according to IDC, who estimated that by 2008, 80% of network security products would be delivered via an appliance. By 2014 however,

10349-419: The creation of Snapchat and appreciate his work in getting the application off the ground." The Federal Trade Commission alleged that the company had exaggerated to the public the degree to which mobile app images and photos could actually be made to disappear. Following a settlement in 2014, Snapchat was not fined, but the app service agreed to have its claims and policies monitored by an independent party for

10480-444: The daily views tallied in April 2014. In June 2014, the story feature was expanded to incorporate "Our Stories", which was then changed to "Live Stories" about a year later. The feature allows users on-location at specific events (such as music festivals or sporting events) to contribute snaps to a curated story advertised to all users, showcasing a single event from multiple perspectives and viewpoints. These curated snaps provided by

10611-418: The event of a new Series F round of investment of $ 1.8 billion from Spark Capital , General Atlantic , Sequoia Capital , T. Rowe Price , Meritech Capital Partners , Dragoneer Investment Group and others, led by Fidelity Investments . Later, the company got an additional $ 200 million in the following Series FP round. Further reports in 2016 suggested that funding was almost at $ 3 billion and that Snapchat

10742-458: The future." In September 2016, Snapchat Inc. was renamed Snap Inc. to coincide with the introduction of the company's first hardware product, Spectacles — smartglasses with a built-in camera that can record 10 seconds of video at a time. On February 20, 2017, Spectacles became available for purchase online. Snapchat announced a redesign in November 2017, which proved controversial with many of its followers. CNBC 's Ingrid Angulo listed some of

10873-480: The gains since the IPO. Its market capitalization reached $ 100 billion for the first time on 22 February 2021. In February 2024 stock fell 30% after earnings with disappointing profit guidance. Market capitalisation as of 3 March 2024 was $ 18B, below 2017 IPO level. In February 2013, Reggie Brown sued Evan Spiegel and Bobby Murphy. Early investors were also eventually named in the lawsuit. Brown said that he had once been

11004-487: The growth of Instagram Stories and WhatsApp Status, Daily Active Users (DAU) of the app only rose 2% from Q4 2017. Snap, Inc. stock fell more than 15% in after-hours trading following the earnings report release. Growth of daily active users slowed in Q1 2018, and the growth rate for Q2 2018 was "planned to decelerate rapidly from Q1 levels." Snap, Inc. has commented on the redesign, saying, "We have also started to realise some of

11135-412: The internet. As of May 2012, 25 Snapchat images were being sent per second and, as of November 2012, users had shared over one billion photos on the Snapchat iOS app, with 20 million photos being shared per day. That same month, Spiegel cited problems with user base scalability as the reason that Snapchat was experiencing some difficulties delivering its images, known as "snaps", in real time . Snapchat

11266-412: The late 2000s. Myspace , the then-largest social networking service , launched Myspace IM in 2006, shortly after Google 's Gtalk , which was integrated into its Gmail webmail interface. Facebook Chat launched in 2008, providing IM to users of the social network. By 2010, traditional instant messaging was in sharp decline in favor of these new messaging features on wider social networks, which at

11397-506: The level of safety offered by instant messengers was still extremely poor. According to a scorecard made by the Electronic Frontier Foundation , only 7 out of 39 instant messengers received a perfect score, whereas the most popular instant messengers at the time only attained a score of 2 out of 7. A number of studies have shown that IM services are quite vulnerable for providing user privacy. Snap Inc. Snap Inc.

11528-605: The location sharing app Zenly in a cash and stock deal. The Zenly app will remain functional, but its concepts were incorporated into a Snapchat feature added in June 2017. In August 2017, Business Insider reported that Google discussed an offer to buy the company for $ 30 billion in early 2016. In October 2017, the company announced that it had formed a joint venture with NBCUniversal to produce content for Snap's platforms, and that it had signed Duplass Brothers Productions as its first partner. In November 2017, Tencent acquired

11659-785: The major IM services. There is the class of instant messengers that uses the serverless model, which doesn't require servers, and the IM network consists only of clients. There are several serverless messengers: RetroShare , Tox , Bitmessage , Ricochet , Ring . See also: LAN messenger . Some examples of popular IM services today include Signal , Telegram , WhatsApp Messenger , WeChat , QQ Messenger , Viber , Line , and Snapchat . The popularity of certain apps greatly differ between different countries. Certain apps have emphasis on certain uses - for example Skype focuses on video calling , Slack focuses on messaging and file sharing for work teams, and Snapchat focuses on image messages. Some social networking services offer messaging services as

11790-426: The mid-1990s with PowWow , ICQ , and AOL Instant Messenger (AIM). Similar functionality was offered by CU-SeeMe in 1992; though primarily an audio/video chat link, users could also send textual messages to each other. AOL later acquired Mirabilis , the authors of ICQ; establishing dominance in the instant messaging market. A few years later ICQ (then owned by AOL) was awarded two patents for instant messaging by

11921-457: The most widely used smartphone apps: in 2018 for instance there were 980 million monthly active users of WeChat and 1.3 billion monthly users of WhatsApp , the largest IM network. Instant messaging (IM), sometimes also called "messaging" or " texting ", consists of computer-based human communication between two users ( private messaging ) or more ( chat room or "group") in real-time, allowing immediate receipt of acknowledgment or reply. This

12052-462: The need for formal agreements, and security concerns as reasons for making changes. There have been several attempts in the past to create a unified standard for instant messaging, including: Critics say AOL's slowness in embracing interoperability has caused setbacks to other companies trying to grow their businesses. AOL has said it supports the development of an interoperable system for all IM networks but has cited privacy and security concerns as

12183-622: The need to download the apps and signing up, to stay in touch with all their contacts. However, there had been attempts for solutions. Multi-protocol clients can use any of the IM protocols by using additional local libraries for each protocol. Examples of multi-protocol instant messenger software include Pidgin and Trillian , and more recently Beeper . These third-party clients have often been unable to keep up due to proprietary protocol restrictions and getting locked out of it. For instance, in 2015 WhatsApp started banning users who were using unofficial clients. Major IM providers usually cite

12314-521: The need to run multiple clients. Video calling using a webcam also started taking off during this time. Microsoft's NetMeeting , which was focused on business " web conferencing ", was one of the earliest; the company then launched Windows Messenger , coming preloaded on Windows XP , featuring video capabilities. Yahoo! Messenger added video capabilities in 2001, and by 2005 such features were built-in also in AIM, MSN Messenger , and Skype . There were

12445-472: The new title of " Silicon Beach ." In February 2017, two weeks before the company's IPO, The New York Times published a feature about Snap's role in turning the area into a technology hub, noting that Snap, with a total of 1,900 employees, had "already changed the face of Venice." In September 2015, Snapchat acquired Looksery to develop Lenses for its mobile app, a feature based on Looksery's facial recognition software. In March, July, and August 2016,

12576-624: The newly formed company as well. Brown's lawyers offered documentation of a collaboration with Spiegel and Murphy, which included the filing of an original patent by the three Stanford classmates, but Snapchat described the lawsuit as meritless and called Brown's tactics a "shakedown". During April's depositions, Brown testified that he had believed he was an equal partner, and that he had agreed to share costs and profits. Spiegel instead described Brown as an unpaid intern who had been given an opportunity to earn valuable experience, and although Murphy claimed that he had not fully understood what Brown's role

12707-453: The option to purchase additional replays through in-app purchases . The ability to purchase extra replays was removed in April 2016. Friends can be added via usernames and phone contacts, using customizable " Snapcodes ", or through the "Add Nearby" function, which scans for users near their location who are also in the Add Nearby menu. Spiegel explained that Snapchat is intended to counteract

12838-425: The point where they would decide not to share the old content at all." In May 2017, an update made it possible to send snaps with unlimited viewing time, dropping the previous ten-second maximum duration, with the content disappearing after being deliberately closed by the recipient. New creative tools, namely the ability to draw with an emoji, videos that play in a loop, and an eraser that lets users remove objects in

12969-533: The positive benefits [of the redesign], including increased new user retention for older users." Some publishers feel the turn towards the older demographic spells the end for the app. In a December 2020 announcement, Google Cloud confirmed the development of the memorandum of understanding (MoU) it signed with Saudi Aramco . The update stated the possibility of exploring options to establish cloud services in Saudi, where it confirmed storing Snapchat data. The decision

13100-655: The predicted March 2017 IPO, the two Snap co-founders would hold over "70% of the voting power" in the company and own around 45% of the total stock. On January 29, 2017, it was reported that the Snap Inc. IPO would likely take place on the New York Stock Exchange . As both the NYSE and Nasdaq had been "aggressively courting the listing for more than a year," the Wall Street Journal called it "a big competitive victory for

13231-495: The products of competitors like iMessage . Rather than a traditional online notification, a blue pulsing "here" button is displayed within the sender's chat window if the recipient is currently viewing their own chat window. When this button is held down, a video chat function is immediately launched. By default, messages disappear after they are read, and a notification is sent to the recipient only when they start to type. Users can also use messages to reply to snaps that are part of

13362-508: The protocols spread with the networks. Some of these used a peer-to-peer protocol (e.g. talk , ntalk and ytalk), while others required peers to connect to a server (see talker and IRC ). The Zephyr Notification Service (still in use at some institutions) was invented at MIT's Project Athena in the 1980s to allow service providers to locate and send messages to users. Early instant messaging programs were primarily real-time text , where characters appeared as they were typed. This includes

13493-656: The reasons it's taking its time. Competitors have labeled that argument a "smoke screen." Evan Hansen, CNET , January 2001 In the early 2000s when instant messaging was quickly growing, most attempts at producing a unified standard for the-then major IM providers ( AOL , Yahoo! , Microsoft ) had failed. There was a "bitter row" between AOL and its rivals regarding the opening up of their networks. In 2000, U.S. regulatory Federal Communications Commission (FCC) proposed, and supported by Microsoft chairman Bill Gates , that AOL providing interoperability of its AIM and ICQ instant messengers with Microsoft's MSN Messenger

13624-558: The reasons why many disliked the update, citing that sending a snap and re-watching stories was more complicated, stories and incoming snaps were now listed on the same page, and that the Discover page now included featured and sponsored content. A tweet sent by Kylie Jenner in February 2018, which criticized the redesign of the Snapchat app, reportedly caused Snap Inc. to lose more than $ 1.3 billion in market value. Over 1.2 million people signed

13755-465: The same machine. CTSS facilitated communication via text message for up to 30 people. Parallel to instant messaging were early online chat facilities, the earliest of which was Talkomatic (1973) on the PLATO system, which allowed 5 people to chat simultaneously on a 512 x 512 plasma display (5 lines of text + 1 status line per person). During the bulletin board system (BBS) phenomenon that peaked during

13886-406: The sounds of their voices in the snap. Voice Filters was previously available as part of the feature enabling augmented reality lenses, with the new update adding a dedicated speaker icon to remix the audio in any snap. In June 2020, Snap announced "minis", embeddable apps that live inside the parent Snap app. In August 2022, Snap launched the "Family Center" feature which allows parents to monitor

14017-400: The subscription including priority replies, post-view emoji, new Bitmoji content, and new app icons. Snapchat is primarily used for creating multimedia messages referred to as "snaps"; snaps can consist of a photo or a short video, and can be edited to include filters and effects, text captions, and drawings. Snaps can be directed privately to selected contacts, or to a semi-public "Story" or

14148-585: The time were not normally called IM. For instance, AIM 's userbase had declined by more than half throughout the year 2011. Standalone instant messenger services were revived, evolving into becoming primarily being used on mobile due to the increasing use of Internet-enabled cell phones and smartphones . Often called "chat apps", to distinguish it from cellular -based SMS and MMS " texting " services, these newer services were specially designed to be run on mobile platforms, as opposed to older services like AIM and MSN; BlackBerry Messenger , released in 2005,

14279-399: The traditional Kodak moment. It's about communicating with the full range of human emotion—not just what appears to be pretty or perfect." He presented Snapchat as the solution to stresses caused by the longevity of personal information on social media, evidenced by "emergency detagging of Facebook photos before job interviews and photoshopping blemishes out of candid shots before they hit

14410-474: The trend of users being compelled to manage an idealized online identity of themselves, which he says has "taken all of the fun out of communicating." In November 2014, Snapchat introduced "Snapcash", a feature that lets users send and receive money to each other through private messaging. The payments system is powered by Square . In July 2016, Snapchat introduced a new, optional feature known as "Memories". Memories allow snaps and story posts to be saved into

14541-477: The use of Bitmoji as place markers. Entering a "Ghost Mode" hides the user from the map. The function is based on the app Zenly, which was acquired by Snap Inc. prior to its launch. The map data is supplied from OpenStreetMap and Mapbox , while satellite imagery comes from DigitalGlobe . In February 2020, Snapchat released a Discover cartoon series called Bitmoji TV, which will star users' avatars. The Wall Street Journal reported in May 2017 that Snap Inc. ,

14672-437: The use of end-to-end encryption in the application but only for snaps (pictures and video), according to a Snapchat security engineer presenting at the January 2019 Real World Crypto Conference. As of the January 2019 conference Snapchat had plans to introduce end-to-end encryption for text messages and group chats in the future. Snapchat is popular among the younger generations, with most users being between 18 and 24 in 2023. On

14803-465: The use of sarcasm in a statement and '*' which indicates a spelling mistake and/or grammatical error in the prior message, followed by a correction. Instant messaging products can usually be categorised into two types: Enterprise Instant Messaging (EIM) and Consumer Instant Messaging (CIM). Enterprise solutions use an internal IM server, however this is not always feasible, particularly for smaller businesses with limited budgets. The second option, using

14934-713: The user is within a certain geographical location , such as a city, event, or destination. Users can design and create their own geofilters for personal events at a fee of $ 10–15 USD per hour. They can also subscribe to an annual plan which ranges from $ 1,000 to $ 10,000 depending on the location, for a permanent filter. A similar feature known as Geostickers was launched in 10 major cities in 2016. Bitmoji are stickers featuring personalized cartoon avatars , which can be used in snaps and messaging. Bitmoji characters can also be used as World Lenses. The "Lens" feature, introduced in September 2015, allows users to add real-time effects into their snaps by using face detection technology. This

15065-488: The user to expose open UDP ports to the world, raising the threat posed by potential security vulnerabilities. In the early 2000s, a new class of IT security provider emerged to provide remedies for the risks and liabilities faced by corporations who chose to use IM for business communications. The IM security providers created new products to be installed in corporate networks for the purpose of archiving, content-scanning, and security-scanning IM traffic moving in and out of

15196-482: The workplace. Enterprise messaging applications like Slack , TeleMessage , Teamnote and Yammer allow companies to enforce policies on how employees message at work and ensure secure storage of sensitive data. They allow employees to separate work information from their personal emails and texts. Messaging applications may make workplace communication efficient, but they can also have consequences on productivity. A study at Slack showed on average, people spend 10 hours

15327-477: Was mIRC . While instant messaging was mainly in use for consumer recreational purposes, in 1998 IBM launched their Lotus Sametime instant messenger software, the first popular example of enterprise-grade instant messaging. In 2000, an open-source application and open standards -based protocol called Extensible Messaging and Presence Protocol (XMPP) was launched, initially branded as Jabber . XMPP servers could act as gateways to other IM protocols, reducing

15458-406: Was a condition for the forecoming AOL-Time Warner merger . However in 2004, Microsoft, Yahoo! and AOL agreed to a deal in which Microsoft's enterprise IM server Live Communications Server 2005 would have the possibility to talk to their rival counterparts and vice versa. On October 13, 2005, Microsoft and Yahoo! announced that their IM networks would soon be interoperable, using SIP/SIMPLE. This

15589-426: Was contested by Access Now , a non-profit organization, and CIPPIC , a Canadian public interest technology law clinic. The firms objected to Google's decision of choosing Saudi Arabia as its new Google Cloud region overlooking an alarming record of human rights abuse and longstanding surveillance accusations. The firms claimed that placing the personal information of millions of Snapchat users there would put it under

15720-511: Was discontinued in January 2023. Snapchat also launched integration with Twitch, including an in-stream widget for Snapcodes, the ability to offer lenses to stream viewers and as an incentive to channel subscribers. Several video game-themed lenses were also launched at this time, including ones themed around League of Legends , Overwatch , and PlayerUnknown's Battlegrounds . In August 2020, Snapchat collaborated with four TikTok influencers to launch Augmented Reality (AR) lenses to create

15851-498: Was driven primarily by individual employees using consumer software at work, rather than by formal mandate or provisioning by corporate information technology departments. Tens of millions of the consumer IM accounts in use are being used for business purposes by employees of companies and other organizations. The adoption of IM across corporate networks outside of the control of IT organizations creates risks and liabilities for companies who do not effectively manage and support IM use. IM

15982-650: Was finally rolled out to Windows Live Messenger and Yahoo! Messenger users in July 2006. Additionally, in December 2005 by the AOL and Google strategic partnership deal, it was announced that AIM and ICQ users would be able to communicate with Google Talk users. However this feature took until December 2007 to roll out. XMPP provided the best example of open protocol interoperability, having had gateways that connected to Google Talk, Lotus Sametime and others. Later, RCS had been developed by telecommunication companies as an instant messaging protocol to replace SMS , under

16113-493: Was initially shunned by the corporate world partly due to security concerns, but by 2003 many had started embracing these new services. In response to the demand for business-grade IM and the need to ensure security and legal compliance, a new type of instant messaging, called "Enterprise Instant Messaging" ("EIM") was created when Lotus Software launched IBM Lotus Sametime in 1998. Microsoft followed suit shortly thereafter with Microsoft Exchange Instant Messaging, later created

16244-506: Was one of the influential pioneers of mobile IM, and led to other companies launching services with proprietary protocols, such as WhatsApp . Mobile instant messaging surpassed SMS in global message volume by 2013. While SMS relied on traditional paid telephone services, IM apps on mobile were available for free or a minor data charge. Older IM services were eventually shut, including AIM and Yahoo! Messenger, and also Windows Live Messenger , which merged into Skype in 2013. In 2014, it

16375-595: Was part of the original Snapchat application and was activated when the user provided a date of birth to verify his/her age. Snapkidz allowed children to take snaps and draw on them, but they could not send snaps to other users and could save snaps only locally on the device being used. According to Snapchat's published statistics, as of May 2015, the app's users were viewing 2 billion videos per day, reaching 6 billion by November. By 2016, Snapchat had hit 10 billion daily video views. In May 2016, Snapchat raised $ 1.81 billion in equity offering, suggesting strong investor interest in

16506-572: Was pioneered in the early Internet era; the IRC protocol was the earliest to achieve wide adoption. Later in the 1990s, ICQ was among the first closed and commercialized instant messengers, and several rival services appeared afterwards as it became a popular use of the Internet. Beginning with its first introduction in 2005, BlackBerry Messenger became the first popular example of mobile -based IM, combining features of traditional IM and mobile SMS . Instant messaging remains very popular today; IM apps are

16637-458: Was released as an Android app on October 29, 2012. In June 2013, Snapchat version 5.0, dubbed " Banquo ", was released for iOS. The updated version introduced several speed and design enhancements, including swipe navigation, double-tap to reply, an improved friend finder, and in-app profiles. The name is a reference to a character from Shakespeare's Macbeth . Also in June 2013, Snapchat introduced Snapkidz for users under 13 years of age. Snapkidz

16768-462: Was reported that instant messaging had more users than social networks. Concurrently, rising use of instant messaging at workplaces led to the creation of new services ( enterprise application integration (EAI)) often integrated with other enterprise applications such as workflow systems, for example in Skype for Business , Slack and Microsoft Teams . Meanwhile, the launch of Discord in 2015 has marked

16899-523: Was revealed on 2 February, 2017, in Snap's SEC public filing to be $ 157.5 million. As part of the settlement , they credited Brown with the conceptual idea for Snapchat. The press release published by Snapchat's communication department quoted Spiegel: "We are pleased that we have been able to resolve this matter in a manner that is satisfactory to Mr. Brown and the Company. We acknowledge Reggie's contribution to

17030-428: Was supposed to have been, he too characterized Brown's involvement as having been that of an internship. Months later, Spiegel dismissed the lawsuit as an example of opportunists who seek out rapidly successful companies in an attempt "to also profit from the hard work of others." On 9 September 2014, the company announced that they had settled the lawsuit for an initially undisclosed amount. The settlement amount

17161-407: Was targeting yearly revenues of a billion dollars. Google reportedly offered Snap $ 30 billion in 2016 for acquisition, which Snap turned down. In January 2017, The Wall Street Journal reported that "people familiar with the matter" stated that Snap Inc. would share 2.5% of the money raised in an upcoming initial public offering (IPO) with the banks managing the IPO. It also reported that after

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