TIVP051: Snap Inc. (SNAP): Why Hasn’t Snapchat Become a Social Media Titan? w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
Product Gamble: From App to AR Glasses
Shawn criticizes Snap's strategic pivot into hardware and augmented reality as a costly, risky diversion from core advertising.
Shawn and Daniel break down Snap Inc., a camera-based social media platform with nearly one billion monthly users.
IN THIS EPISODE, YOU’LL LEARN: 00:00:00 – Intro
00:08:25 – Why Snapchat, being a founder-led company, is less than ideal in this case
00:09:15 – Why Snapchat is unlikely to be acquired any time soon
00:17:49 – How Snapchat almost didn’t become a hit, and what made it suddenly so popular
00:39:24 – Why growth internationally is actually worsening Snapchat’s unit economics
00:45:12 – What to know about how the company is dipping its toes into artificial intelligence
00:48:01 – Whether subscriptions can save Snapchat’s business model
00:57:55 – Why it has been so much harder for Snapchat to make its unit economics work relative to peers
01:07:08 – How to think about modeling SNAP’s intrinsic value
01:07:29 – Whether Shawn and Daniel add SNAP to their Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
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- Shawn & Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount!
- Snap’s investor relations page.
- Acquired’s podcast coverage of Snap.
- Why Snap CEO Evan Spiegel is betting on smart glasses.
- Explore our previous Intrinsic Value breakdowns: Transdigm, Salesforce, Berkshire Hathaway, FICO, PayPal, Uber, Nike, Amazon, Airbnb, Alphabet.
- Related books mentioned in the podcast.
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