Will Snapchat beat Facebook?

With eight million video views and 100 million daily users, Snapchat - the photo sharing app is gaining market share which can lure advertisers away from Facebook, Twitter and other social platforms.

Snapchat’s CEO Evan Spiegel unveiled key usage data to investors, marking its achievement in reaching and engaging a younger audience. Snapchat’s video views, usage and expansion of advertising packages should be a cause for concern for other social channels competing with the platform for advertising revenue.

Snapchat started its journey as an ad-supported platform in 2014. Without trading the user's positive experience, Snapchat introduced relevant formats such as geo-filters and live stories and has made significant steps since then. With growing usage data rates, video views have been more than quintuple times which is similar to Facebook’s 8 billion views a day.

Snapchat is also providing marketers with a range of ad purchasing benefits by discounting non-holiday advertise. Though, marketers have been requesting greater data insights. The company is trying to reduce the data gaps in its advertising campaigns by partnering with television rating company Nielsen Holdings for a better way of tracking. This partnership can efficiently remove the big roadblock - the lack of data - for advertisers on the platform.

Carrie Middlemiss, U.S. director of marketing at Metia said, “Snapchat is gaining market share quite quickly which is cause for concern for social media platforms like Facebook, Pinterest and Twitter. As Snapchat continues to roll out plans to build its ad business definitely is cause for concern the other industry leaders.”

"Snapchat is making remarkable progress with its mass of video-hungry users," Middlemiss said. "Their daily video consumption appears to be catching up with the number of views on Facebook. And with its lowering of ad rates, it is attracting the attention of more marketers each day."

Perhaps, Facebook recognized Snapchat's potential for growth at the early stage itself. That is why in 2013, Facebook tried to buy Snapchat with a $3 billion cash acquisition offer, but it was turned down by the Evan, and he was later recorded with the reason being, “There are very few people in the world who get to build a business like this; I think trading that for some short-term gain isn’t very interesting.”

Now, that is what we call a great competition and spreading your wings in the right direction. Are you Snapchat? What do you prefer more, Snapchat or facebook?