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Snapchat's new Facebook weapon: Maps

Snap CEO Evan Spiegel says Maps are part of the company’s secret sauce. Photo: Snap Maps

Snapchat has seen nearly 40% growth in Stories submissions since launching Snap Maps, Axios has learned. The Venice Beach company believes that Maps are a part of a tool set that empowers users to get creative and express themselves, which CEO Evan Spiegel thinks will drive the company to compete with rivals Facebook and Instagram in the long-term.

Why it matters: Investors have been concerned about Snapchat's value proposition ever since Instagram successfully launched a rival Stories feature last summer, which put a dent in Snap's user growth. But Snapchat thinks it can take on Instagram and its parent company Facebook with user engagement — spurred by camera creativity — which creates more opportunities for advertisers.