Snapchat hasn’t had the best 2017. It’s tough to feel too sorry for CEO Evan Spiegel and his billionaire buddies, but just months after Snap Inc held its Initial Public Offering, the company has already lost around $6 billion in market value.
That drop might have something do with Instagram, which launched its own ripoff story feature last August and has reportedly caused Snapchat Stories views to plummet by as much as 40 percent, according to Reuters.
Personally, I’ve resisted migrating over to Instagram Stories because too many randos and adults (of which I am one, but I’m talking about like, aunts) follow me on that app, and I don’t want them seeing dumb snapshots from my daily life. But only my closest friends follow me on Snapchat, so I feel much better frequently posting goofy drunken clips for the folks who are already used to my bullshit. Still: The mass exodus to Instagram is very real, and I can only fight back for so long.
That’s why the company is hoping its latest innovation will put a temporary stop to its tailspin, or at least put a dent in Instagram’s growing dominance. Yesterday Snapchat announced its Custom Story option, which lets you and your friends contribute photos and videos to the same group story. You probably got an animated snap from Team Snapchat touting the new feature … that is, if you still use Snapchat.
The feature is simple: Once you create a Custom Story and give your friends access, they can populate that story with pictures of their burritos or clips from concerts whenever they want. If you already have a group chat with your buddies on WhatsApp, for example, this is sort of like Snapchat’s version of that.
And now we wait for Instagram’s carbon copy in 3, 2, 1…