Snap, Inc, the company behind the popular Snapchat app went public today and gained nearly 44% in stock value on its first day of trading.
The stock rose from its IPO offering price of $17 per share to $24.48 at the closing bell.
Nearly 200 million shares changed hands today, that is about the same as the entire IPO offering, and SNAP (Snap, Inc.s symbol) accounted for nearly 10% of trading volume on the New York Stock Exchange.
Pretty amazing for a company that warned investors that they may never turn a profit, yet as of today has a market capitalization of nearly $33 Billion, about the size of Target and Marriot.
The Venice, California based company that has amassed about 160 million users with its unique photo app, many of which are under the age of 24, now has the difficult task of monetizing this user base.
If you are in eCommerce and your products are aimed at the under 24 age demographic, it is time for you to consider getting on the Snapchat bandwagon.
While other social media giants like Facebook and Instagram have copied some of Snapchat’s features, Snapchat has the power of being in the moment with a very target specific audience.
For the entrepreneur, Snapchat offers Snap Ads, Sponsored Geofilters, and Sponsored Lenses and we are sure with more promoted content ideas to come.
You can learn more about sponsored content from Snapchat’s website.
If you are already using Snapchat in your business, let us know below what you are doing and how it is working out for you.