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The popularity of Snapchat — and the seeming preference of smartphone users to communicate with pictures and symbols above all else — shows we’re still writing on cave walls, Loup Ventures argued in a Thursday analysis.
The difference? Today’s hieroglyphs and petroglyphs are digital.
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“Because of the smartphone, text is no longer the path for humanity to accelerate its rate of evolution through communication. It’s hieroglyphics again,” said Loup Ventures analyst Doug Clinton.
A certain app — one headed for an IPO under the name of Snap Inc. — has positioned itself as the new cave wall. Snapchat’s growth mirrors a move away from text messages and toward communicating with a camera, according to Loup Ventures.
The Rising Role Of The Camera In Social
Data leaked from investors show Snapchat added 100 million users over a period of nine quarters, Clinton said, adding: “We believe Instagram did the same thing in about six quarters and Facebook did it in about four quarters.”
While Snap lags well behind the 1.1 billion daily users at Facebook Inc (NASDAQ: FB), and hasn’t experienced the same rate of growth, Clinton said both Snapchat and Instagram are more valued by the key teen demographic.
Snapchat tweaked its design this month, adding a new search bar, the ability for a user to access their profile from any screen and simplified the process of finding friends.
Text will play an even lesser role in the future as interfaces such as virtual reality and augmented reality are further developed, according to Loup Ventures.
“The camera will be an extremely important part of both VR and AR, so building social products around it is the best strategy to be relevant in social moving forward.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.