PSA: Snap CEO, Evan Spiegel, isn’t scared of Facebook’s copycat behavior!
He made his thoughts known in an interview via Recode. And his answer to the question “Does Facebook scare you? Why or why not?” Had me feeling this way:
Here is his response:
“If you want to be a creative company, you gotta get comfortable with, and basically enjoy the fact that people are going to copy your products if you make great stuff. We’ve seen this happen a lot in technology. When Google came along, everyone really felt like they needed a search strategy. When Facebook came along everyone felt they needed a social strategy. And now with Snap, with our company, we believe that everyone is going to develop a camera strategy because I think we really help people understand how valuable the camera is. It’s really the center of everything that we do. At the end of the day, just because Yahoo, for example, has a search box, it doesn’t mean they’re Google.”
OMG! The last line killed it! And guess what?! Yahoo is actually an investor in Snap!
On a more serious note, though, whether he likes it or not Spiegel needs to worry about Facebook because ever since Facebook started copying Snapchat’s features, Snap’s growth has slowed and this is evident in the first quarter earnings results — Snap’s stock plunged nearly 25% in after-hours trading.
But what do I know?