Kylie Jenner and Maybelline cast doubt over 'sad' Snap’s purpose, market value dives
Kylie Jenner and Maybelline have both posted negative sentiment about the utility and effectiveness of Snapchat – two incidents that may have contributed to a decline in the market value of its parent company.
Snapchat criticism from Maybelline and Kylie Jenner
Jenner, who helped build her substantial profile on the app, tweeted on 22 February that she does not use the image messaging app anymore. Some media companies have linked this phenomenon to a 8% slump in the market value of the company.
The Kardashian branded the state of affairs around the app as "sad".
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
— Kylie Jenner (@KylieJenner) 21 February 2018
Hours later, possibly inspired by the Kardashian alumni, Maybelline New York unveiled on Twitter that its views had “dropped dramatically” on the platform. It asked the public whether it should jump ship to Instagram Stories instead.
The tweet was deleted but a screenshot captured by Next Web social media director Matt Navara showed that a vast majority were behind a move to the Facebook-owned Instagram.
Maybelline got nervous about the attention this tweet got.
They’ve deleted it pic.twitter.com/3p7pGbFhag
— Matt Navarra (@MattNavarra) February 22, 2018
Other analysts noted that while there was a chance the comments did knock off some market value, Snap's stock had already been trading down over the week.
The knocks come as the company endures some seemingly widely held contempt with regards to the recent redesign of its app. With media and brands now separated from user content, concerns have been raised around where influencers and non-partner brands should sit.
Yuval Ben-Itzhak, chief executive of Socialbakers, said: "Wall Street seems to be keeping up with the Kardashians as Kylie Jenner’s comments consolidate an already poor year for Snap Inc. While Snap’s app redesign announcement last year was definitely a step in the right direction, offering marketers increased personalisation and relevance, the changes to the platform have backfired spectacularly. Snapchat needed to make sure they maintained the quality and relevance of their content, especially as they try to size up to competitors such as Instagram. Unfortunately, over a million people, and counting, disagree with the changes to the app, based on the popular online petition. A drop in quality takes users’ attention elsewhere and Snapchat is currently facing that challenge.
"The platform can't afford to lose influencers like Jenner especially in a time where influencers are playing such a key role in marketing. Ultimately, the lack of reach and user backlash that hangs over Snapchat remains a limiting factor for marketers looking to leverage the platform’s full potential."
The revelations came as the company released a custom augmented reality face Lens, a feature which would bolster its unique selling point amid continued competition from the likes of Instagram and Facebook.