Hey, we haven't checked in on Snap's post-IPO performance in a while. How's that going?...
Oh dear god!
So it turns out that having no real revenue plan and a business model that Mark Zuckerberg can copy in his sleep really is a not-so-great cocktail for public market success.
But, hey, it's still the early days. There's time to turn this around, especially since Evan Spiegel and his team have shown that they aren't totally devoid of ideas. Really all SNAP needs is a bleeding edge type of content strategy that Facebook would never try and has even notional monetization potential. Or at the very least something so brand new that people will at least start whispering about how creative Snapchat is being again. These guys have made millions of dick pics disappear, how hard can this really be?
Snapchat is getting its first daily news show in partnership with NBC News.
"Stay Tuned" will air at 7 a.m. and 4 p.m. on weekdays and 1 p.m. on weekends local time. The segments will be two to three minutes and include current news topics and pop culture events in the vein of "NBC Nightly News." There will also be breaking news segments when necessary.
Umm...really? Snap is going to pull of its death spiral by introducing Facebook-type live video...while simultaneously partnering with the dying legacy news business?
"If something happens in the world, we want people to go to Snapchat," said Sean Mills, Snap's head of original content.
No, no, no. Please stop talking. We need a moment to process our thoughts.
NBC News hired 30 journalists to staff the series and will be leading ad sales, with an undisclosed revenue split with Snap, the parent company of Snapchat.
This will end in tears.
So what we see here is a bid for deeper engagement of current users that relies on a revenue share through a partnership with an organization so on the forefront of modern media success that it is now paying Megyn Kelly at least $15 million a year to do stuff no one is watching.
Suddenly those hideous sunglasses seem like a creative high point.
Pretty soon, Blue Apron is going to stop providing cover as the worst IPO around (or maybe ever) and people will start to take a real look at what Snap has done to turn things around. And they are not going to keep singing the "It's so cheap" song much longer unless they see something. Partnering with NBC News to get a foot in a business that no one can seem to succeed with is not the kind of shit you want to be showing them.