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Snapchat: $60M for Premium Time Wasting

rayno-report-mobile-market-infrastructure-network-virtualization-5
Scott Raynovich
Scott RaynovichJune 25, 2013
5:14 am MT

Snapchat’s overall contribution to society may seem completely counter-productive. But that hasn’t stopped the VCs from piling in. The provider of self-destructing mobile photos has landed a boatland of money — $60M according to VentureBeat.

I should become a venture-capital investor, because this was a no-brainer, according to my deep proprietary on-the-ground research — namely, my 13-year-old daughter. She specializes in introducing me to the time-wasting behavior of her generation.

Every month my daughter gives me a full report of “what’s hot” among her friends, aged 12-14. She nailed the Hunger Games months before it hit the mainstream media, as an example. Lately,  she has been telling me that Snapchat is by far the most popular app. Now they bag $80M.

Watch any 13-year these days and they are of course addicted to their mobile device — with most of the time spent on pointless, counter-productive activity. But take it a step further: Can you imagine a group of teenage girls sitting in a room together, spending hours taking disposable self-destructing pictures of themselves and sending them to each other — when they are all less than 10 feet away? This is the Snapchat phenomenon and I’ve witnessed it on almost a daily basis.

My own estimate is that the average teenage now spends 20% of their day conducting such activity.

Yes, to any civilized adult, this behavior seems at the very least odd and at the maximum extent completely bizarre, but it’s real.

Snapchat is cashing in on ephemeral time-wasting. Not a bad gig if you can get it.

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Scott Raynovich

About Scott Raynovich

Raynovich is the VP of Research and Analysis at SDxCentral Previously, he was Chief Analyst and Publisher of The Rayno Report (www.raynoreport.com), which was acquired by SDxCentral in October of 2015. Considered an expert on networking and service-provider technology, he has been covering these areas as an editor, analyst, and publisher for 25 years. He was the Editor in Chief and Editorial Director for Light Reading for a decade, where he started the Heavy Reading Insider research service. Prior to joining Light Reading, Raynovich was Investment Editor at Red Herring, where he started the New York Bureau and helped build the original Redherring.com Website. He has won several industry awards, including an Editor & Publisher award for Best Business Blog and a Folio award for Best Website. His analysis has been featured on prominent media outlets including NPR, CNBC, The Wall Street Journal, Bloomberg, and the San Jose Mercury News.

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