In a betrayal of loyalty signaling poor morale, a massive dump of Snapchat’s usage stats has leaked. The most worrisome is that the number of users posting Stories has shown zero growth, an even worse performance than Snapchat’s total user growth that was sluggish this year. It appears Instagram’s Stories clone has stopped Snapchat’s most monetizable feature dead in its tracks.
This explains why Snapchat’s redesign moves friends Stories into the chat inbox, since visual messaging on the app is growing slightly faster than total users. Messaging is tough to interrupt with ads without being annoying, so combining messages and Stories might be Snap’s best shot at reinvigorating revenue.
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