A timeline of Snap's advertising, from launch to IPO - Axios
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A timeline of Snap's advertising, from launch to IPO

While we still don't know exactly how much of Snap's $404 million of 2016 revenue stems from advertising, Recode reported that Snap aimed to make $300-$350 million in advertising sales last year, a huge increase from the $59.2 million in ad revenue Snap made in 2015.

To understand just how quickly the company has ramped up advertising efforts to appeal to investors ahead of its IPO, we've listed a timeline of Snapchat's key moments and advertising milestones.

  • July 2011: Launches
  • October 2013: Launches "Stories" feature
  • November 2013: Co-founder Evan Spiegel denies Mark Zuckerberg's $3 billion offer to buy Snapchat.
  • December 2013: Adds new features, including smart filters and replay snaps
  • July 2014: Releases geofilters for users to tag locations on snaps
  • August 2014: Launches "Live Stories" feature
  • October 2014: Debuts first native ad, a trailer for the movie Ouija, which ran in Snapchat's "Recent Updates" tab and disappeared after 24 hours
  • November 2014: Launches consumer payment service through Square
  • January 2015: Launches its "Discover platform," featuring content from select brand partners
  • February 2015: Launches first original TV series called "Literally Can't Even"
  • June 2015: Launches vertical video ads called 3V Advertising in its "Live Stories" section for brands
  • June 2015: Partners with WPP and Daily Mail to launch content marketing agency
  • May 2015: Evan Spiegel announces "We need to IPO"
  • May 2015: Rolls out "Two Pennies" ad format with 10-second video ads that run between Discover stories
  • June 2015: Launches customizable Geofilter ads for brands
  • September 2015: Launches "lenses" feature, which lets users unlock specialized lenses for 99 cents
  • October 2015: Launches first sponsored lens for the Peanuts movie
  • January 2016: Shuts down lens store to focus on ad business
  • February 2016: Launches on-demand Geofilters, which lets consumers buy filters
  • February 2016: Announces it will start measuring its ads with Nielsen's digital ad ratings using gross ratings point, a standard used in television ad measurement
  • May 2016: Adds IPO specialist Stan Meresman to its board
  • June 2016: Redesigns Snapchat Discover
  • June 2016: Launches Snapchat Partners API, allowing brands to custom-target viewers between stories with Snap Ads
  • August 2016: Announces plans to offer advertisers access to behavioral targeting
  • September 2016: Changes its name to Snap. Inc.
  • October 2016: Opens API platform to programmatic bidding
  • October 2016: Reports of moving from revenue share deal between publishers on Discover to upfront content license fee model
  • November 2016: Begins selling new camera glasses, Spectacles, through pop-up vending machines
  • November 2016: Files for its IPO
  • December 2017: Extends third-party measurement verification to select countries in Europe
  • January 2017: Expands self-serving advertising platform, its Snapchat Partners API, to all brands
  • January 2017: Seeks commitment deals up to $200 million from ad agencies
  • January 2017: Announces partnership with Oracle Data Cloud to give advertisers access to user data on offline purchases, like Facebook and Instagram
  • January 2017: Adds search function, which could eventually be monetized through search-based advertising
  • February 2017: Expands QR code reach to allow users to reach brand's websites
  • February 2017: Publicly files IPO paperwork
Our thought bubble: Experts predict Snapchat's investments will pay off next year. In September, eMarketer projected the photo startup would gross nearly $1 billion in advertising in 2017, nearly 2% of all social network revenue dollars in the U.S.
Two key investments to watch:
  1. Snapchat Partners, the company's API system, will allow Snapchat to monetize its scale and compete with Facebook and Instagram on targeted ad campaigns. The creation of an API is a significant sign of maturity for Snapchat, given that its co-founder and CEO, Evan Spiegel, initially vowed to avoid hyper-targeting ads, so as not to disrupt user experience.
  2. Snapchat moving from a revenue-share model for premium publishers to an upfront license fee model, where Snapchat would retain 100% of advertising revenues on its Discover platform moving forward, suggests that the company is serious about competing with other social platforms to capture TV ads dollars. TV uses upfront fee models to sell ads programmatically.


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Trump admin bans CDC from using certain words like "fetus"

Outside the CDC headquarters in Washington, D.C. Photo: Photo by James Leynse / Corbis via Getty Images

Policy analysts at the Centers for Disease Control and Prevention were told by the Trump administration on Thursday that they are not allowed to use the words like "science-based," "evidence-based" and "transgender," in their budget documents, according to a CDC analyst who spoke to The Washington Post.

Why it matters: The administration wants to control what it considers controversial wording from agencies as they submit documents for the president's budget for 2019, expected to be released in February. However, the analyst told the WashPost they "could not recall a previous time when words were banned from budget documents" due to ideology.

The details, per The Washington Post:

  • The list of banned words: vulnerable, entitlement, diversity, transgender, fetus, evidence-based and science-based.
  • The meeting about the banned words was led by Alison Kelly, a senior leader in the agency’s Office of Financial Services, who told the CDC officials she was just the messenger.
  • The CDC has offices that directly work with public health issues that relate to those words, such as its research on fetus development for the Zika virus and preventing HIV among transgender people.

Other CDC officials confirmed the existence of a list of forbidden words, the article said, although spokespeople from CDC or OMB did not comment by their deadline.

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White House, Democrats settle lawsuit over ACA payments

The action could signal an end to a long-running conflict. Photo: AP file

The Trump administration, House Republicans and Democratic attorneys general have settled a lawsuit over the Affordable Care Act's cost-sharing reduction payments to insurers, Bloomberg reports. The court filing doesn't give any details of the settlement, per Bloomberg, except to say that it's "conditional."

What to watch: It's hard to know the true significance of the settlement when zero details are available. But for California Attorney General Xavier Becerra, one of the Democratic attorneys general involved in the lawsuit, it represents a chance to move forward and try to preserve the subsidies on their merits.

That's because the settlement only applies to a lower court decision stopping the payments until Congress funds them, according to a spokesperson for the California Department of Justice.

From a spokesperson for House Speaker Paul Ryan: "We are gratified that as a follow-up to the executive branch’s acknowledgement that making Obamacare payments to insurers without a congressional appropriation was unlawful, the parties have now agreed to resolve this lawsuit while leaving in place the district court’s legal rulings vindicating the House’s constitutional powers."

This story has been updated with statements from the California Department of Justice and House Speaker Paul Ryan.

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Federal judge blocks Trump from changing contraception rules

A month's supply of hormonal birth control pills. Photo: Rich Pedroncelli / AP

The Trump administration's decision to roll back access to birth control under the Affordable Care Act has been blocked temporarily by a federal judge in Pennsylvania, Buzzfeed reports. The new rules went into effect in October and allowed employers and universities to decline providing birth control coverage for "religious or moral" reasons.

Why it matters: The ruling is one of several recent court orders blocking a Trump administration law. Trump's series of travel bans as well as his order preventing transgender troops from serving in the military have also been halted in court.

U.S. District Judge Wendy Beetlestone agreed to grant Pennsylvania Attorney General Josh Shapiro's motion for a preliminary injunction, ruling that the Trump administration’s decision could potentially result in “enormous and irreversible” harm to the women of Pennsylvania. The injunction is applicable to all 50 states.

What's next: The block will remain in place until all arguments in the case are heard, which means the ACA requirement that all employers pay for contraception will stay in effect in the interim.

The Pennsylvania ruling joins a handful of similar lawsuits, including one in California, filed against the Trump administration's contraception rules.

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Battery exec leaves Dyson two years after $90 million buyout

Michigan entrepreneur Ann Marie Sastry has left vacuum-maker Dyson, two years after it acquired her controverial lithium-ion battery company, Axios has learned. The $90 million all-cash buyout remains one of the richest lithium-ion deals ever.

Quick take: Sources with knowledge of the situation were not certain of the circumstances of Sastry's departure. But it comes eight months after Dyson relinquished Sakti3's core battery patents, and doubts remain in the field regarding her main claim, asserted repeatedly — that she was on the verge of commercializing much-sought-after solid state battery technology.

Why it matters: For the last two years, Dyson founder James Dyson has spoken of ambitious plans to spend $1 billion to $3 billion to revolutionize batteries and electric cars. He has said said his electric car will ready for the road by 2020. At the time, Dyson's October 2015 purchase of Sakti3 was the spearpoint of the mission, and Sastry's departure suggests more internal turmoil than he has let on.

  • Sastry's Linkedin page says she left Dyson last month. She identifies herself as the founder and CEO of a company called Amesite, which a source said is involved with artificial intelligence and education.

In September, Dyson told Bloomberg that he had created two competing battery teams—Sakti3, plus another that was attempting a different approach to solid state. One explanation for Sastry's departure was that the other team won. In an interview with the Guardian, Dyson said the company's batteries were already more efficient than those in commercial electric vehicles.

At the time of the October 2015 deal and since, numerous leading U.S. battery researchers told me they wondered why Dyson had bought Sakti3. Despite Sastry's robust claims of the company's progress with solid state, she had revealed very little publicly and, since no one else had made much progress, the deep suspicion was that she was exaggerating. Indeed, in reporting for a story at the time of the buyout, former Sakti3 executives told me that the doubters were correct—the company's technology was rudimentary and nowhere near commercial.

Dyson said Sastry is no longer with the company but declined to comment further. Sastry could not be reached.

Dan Primack contributed to this story.

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Bob Corker flips to "yes" on tax reform

Sen. Bob Corker (R-Tenn.), the only holdout on the Senate's initial tax bill, announced Friday that he will vote "yes" on the GOP's tax cuts bill, less than an hour after Sen. Marco Rubio (R-Fla.) said he will also vote yes.

Why it matters: Corker's vote essentially cements the tax bill's passage before the Christmas deadline.

His statement:

"After many conversations over the past several days with individuals from both sides of the aisle across Tennessee and around the country — including business owners, farmers, chambers of commerce and economic development leaders — I have decided to support the tax reform package we will vote on next week.

"This bill is far from perfect, and left to my own accord, we would have reached bipartisan consensus on legislation that avoided any chance of adding to the deficit and far less would have been done on the individual side with items that do not generate economic growth.

"But after great though and consideration, I believe that this once-in-a-generation opportunity to make U.S. businesses domestically more productive and internationally more competitive is one we should not miss. While many project that it is very possible over the next ten years we could be at least $500 billion short on a $43 trillion policy baseline, I believe this bill accompanied with the significant regulatory changes that are underway, and hopefully, future pro-growth oriented policies relative to trade and immigration , could have significant positive impact on the well-being of Americans and help drive additional foreign direct investment in Tennessee.

"In the end, after 11 years in the Senate, I know every bill we consider is imperfect and the questions becomes is our country better off with or without this piece of legislation. I think we are better off with it. I realize this is a bet on our country's enterprising spirit, and that is a bet I am willing to make."

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Release of texts between FBI officials to media was unauthorized

Deputy Attorney General Rod Rosenstein. Photo: Andrew Harnik / AP

The Department of Justice said that some members of the media received early copies of the texts between FBI officials Peter Strzok and Lisa Page, and that the release was not authorized by the department, Business Insider reports.

Why it matters: The texts are part of an ongoing investigation; they were shared with lawmakers on Tuesday night, prior to Deputy Attorney General Rod Rosenstein's testimony to the House Judiciary Committee, and were shared with reporters afterwards. But DOJ spokeswoman Sarah Isgur Flores said some reporters had already received them.

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Rubio officially yes on tax bill

Sen. Marco Rubio Photo: Pablo Martinez Monsivais / AP

Sen. Marco Rubio's office has confirmed to reporters that the senator will be voting for the GOP tax cuts bill now that the child tax credit has been enhanced to meet his standards.

Why it matters: This thing looks ready to pass.

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Report: FCC to fine Sinclair $13 million over undisclosed ads

AP Photo/Steve Ruark, File

The FCC plans to fine Sinclair Broadcasting Corporation milions of dollars over undisclosed cancer ads that aired during newscasts over a six-month period in 2016, Reuters reports.

The news comes one day after reports surfaced that the DOJ wants Sinclair to divest roughly 12 local broadcast stations in order for its $3.9 million merger with Tribune Media Company to be approved. It also comes as FCC Chairman Ajit Pai is being attacked for what is seen as a close relationship with Sinclair.

The fine addresses roughly 1,700 commercials that aired for the Huntsman Cancer Institute. According to the report, Sinclair has previously told reporters that the violations were unintentional.

Reuters reports that the fine was approved by the five-member FCC but has not yet been made public. Sinclair's management has always been right-leaning and conservative-leaning Pai has been accused by progressives as being favorable to the broadcaster.

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White House says Western Wall will stay in Israel

Pence and Israeli Prime Minister Benjamin Netanyahu at a 2014 meeting in Israel. Photo: Amos Ben Gershom / GPO via Getty Images

A senior White House official told reporters today that the Trump administration believes the Western Wall in East Jerusalem will remain part of Israel in any future peace agreement with the Palestinians. The issue came up during a briefing to reporters on Vice President Mike Pence's upcoming visit to Israel.

Why it matters: The statement risks further infuriating the Palestinians at a time when the administration is trying to cool down the crisis created by President Trump's Jerusalem speech. The Western wall was occupied by Israel during the Six-Day War in 1967 and was never recognized as part of Israel by any country around the world.

Context: During previous negotiations between Israel and the Palestinians, the U.S. supported the Israeli position that the Western Wall should stay part of Israel, but it was never articulated publicly.

What to watch: The official said Pence will visit the Western Wall during his trip to Israel, and he will do it as the vice president and not as a private citizen. "We cannot envision any situation under which the Western Wall would not [be] part of Israel," the official said. "But as the president said, the specific boundaries of sovereignty of Israel are going to be part of the final status agreement."

The bottom line: After the briefing ended, the White House official noted that the U.S. "cannot imagine Israel would sign a peace agreement that didn’t include the Western Wall."

What's next: In the meantime, White House special envoy Jason Greenblatt will arrive in Israel early next week. It is unclear whether Greenblatt is going to meet any Palestinian officials. Palestinian Authority president Mahmoud Abbas announced he does not see the U.S. as an honest broker and said the Palestinians will not meet with Pence during his visit.

While in Israel, Greenblatt will meet Fernando Gentilini, European Union envoy for Middle East peace. The 28 leaders of EU member states announced yesterday they see Jerusalem as the shared capital of both Israel and Palestine — pushing back against Trump's announcement that the U.S. recognizes it as the capital of Israel.

The White House official added that given the timing, Greenblatt will stay on for Pence’s visit to provide any relevant support.

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Facebook admits that some social media use can be harmful

The Facebook logo is displayed on an iPad. Photo: Matt Rourke / AP

In a new installment of its "Hard Questions" series, Facebook acknowledges that social media can have negative (or positive) effects on people, depending on how they use it.

Why it matters: This might be the first public acknowledgment from the company that its product — and category in general — can have detrimental effects on people.

Facebook is also addressing the topic shortly after two former executives publicly criticized the company for what they described as exploiting human psychology.

Good and bad use, according to research cited by Facebook:

  • Bad: Passive use of social media — reading information without interacting with others — makes people feel worse. Clicking on more links or "liking" more posts than the average user also leads to worse mental health, according to one study.
  • Good: Active use — interacting with people, sharing messages, posts, comments, and reminiscing about past interactions — is linked to improved well-being.
  • It takes two: Interacting with other users is key, according to research. Simply posting on Facebook without interacting with other people isn't enough.

But: This isn't a capitulation from Facebook, admitting that it may be doing some harm. Instead, the company is simply telling us that we just need to use its social network in more positive ways.