Tags: Snapchat IPO Coming | Says Evan Spiegel | But No Word on When

Snapchat IPO Coming, Says Evan Spiegel, But No Word on When

By    |   Wednesday, 27 May 2015 10:30 AM

Snapchat is preparing for an initial public offering, but founder Evan Spiegel wouldn't give up the timeframe during his talk on Tuesday at a big tech conference in California.

Spiegel, at 24 the leader of the growing messaging service popular with teenagers and young adults, confirmed the Snapchat IPO is coming, noted CNN Money.

"We need to IPO, we have a plan to do that," Spiegel said at the Re/code conference, reported CNBC. "An IPO is really important."

Another thing Spiegel was clear on was staying independent and not being gobbled up by another party, as in turning down a $3 billion offer by Facebook in 2013, noted CNN Money.

Spiegel said, though, he is concerned about the proverbial tech bubble bursting and in positioning Snapchat to weather the storm.

"I think that people are making riskier investments and ... there will be a (market) correction," Spiegel said on Tuesday. "It's definitely something we factor into our plans."

Snapchat currently has about 100 million active users and, while it is used mostly by young people, it wants to expand its appeal to reach older users.

Spiegel said he is considering swapping out the hold-to-watch feature within the app that forces users to keep a finger on the screen to watch a video, adding that it prevents users from enjoying longer videos.

Spiegel added that one sign of Snapchat's expansion into a more general media business is its partnerships with companies like ESPN and Yahoo on its Discover service, allowing news articles and videos to appear on the service and disappear after one day, reported the Wall Street Journal.

Spiegel said he hopes the fast growth of his company will attract more collaborations and advertisers, noting that 65 percent of users are now creating content on the app.

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Snapchat is preparing for an initial public offering, but founder Evan Spiegel wouldn't give up the timeframe during his talk on Tuesday at a big tech conference in California.
Snapchat IPO Coming, Says Evan Spiegel, But No Word on When
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2015-30-27
Wednesday, 27 May 2015 10:30 AM
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