Following the positive wave of press that followed the flashy release of Spectacles, Snap Inc. , the parent company of Snapchat, has filed confidentially for its much anticipated initial public offering, or IPO.

According to Bloomberg, the company is looking to raise around US$4 billion, giving it a valuation of US$25-30 billion. Reuters has also reported that the IPO should happen as soon as March 2017.

The capital that Snapchat seek to raise from their IPO is essential for them to effectively battle Google and Facebook, who own a myriad of social media platforms that are fighting Snapchat for the attention and time of users. Back in May 2016, Snap Inc. was valued at US$18 billion, but a successful IPO could see Snapchat valued at as much as US$35 billion.

Three years ago Snap Inc. CEO Evan Spiegel turned down Facebook’s offer to purchase the company for US$3 billion dollars, and his choice appears to have been vindicated with the eye-watering capital that Snapchat are poised to acquire. Since 2013, Snapchat and Facebook have been locked in an increasingly dirty battle for user loyalty, and we’ve written previously about a number of features that Facebook ‘borrowed’ from Snapchat and implemented on Instagram. WhatsApp, which is also owned by Facebook, has also recently taken on many familiar features in an attempt to weaken Snapchat’s hold on the market.

To many photographers, this news might not seem as significant as anything relating to Instagram or Facebook – both excellent platforms used to create exposure and to market your work. But Snapchat is one of the most widely used social media platforms amongst teens, and since most photographers are essentially running a business that promotes their craft, it would be silly to scoff and ignore what is potentially a great place to find future clients.

2016-11-16 03:00