A growing number of Americans older than 45 are using Snapchat, suggesting the social media app can expand beyond North American teens and millennials as parent Snap (SNAP) is set to go public. Most analysts expect Snap to report around $1 billion in sales this year. Such a device would presumably enable users to take aerial photos and videos, and then share that content via the Snapchat app. Snap is known to work on projects that never go commercial or that turn into other products along the way. The company moved into hardware late past year with Spectacles, sunglasses with a built-in camera that can take and share short video clips. "Wall Street's view is that Snap is more Facebook than Twitter", Andrew Bary wrote in Barron's magazine this week.
The 200 million class A stock that were sold don't contain any voting rights, making Snap the first U.S. IPO to issue non-voting shares. It's the largest public offering for a USA tech company since Facebook in 2012.
The drone prospect offers a glimpse into what Snap might be considering next, and could have a huge impact on its future value and growth.
At that price, Snap would have a market value of almost $24 billion, making it the largest USA tech IPO since Facebook (FB, Tech30).
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The company had previously unveiled the Snapchat Spectacles - sunglasses that record short video clips.
The projection from eMarketer includes people who access their Snapchat app at least once a month.
Snap, Inc., the parent company of the communications app Snapchat, is pricing its shares at $17 each Wednesday, according to news reports, in the biggest USA tech listing in more than two years.
On that note, it makes flawless sense for Snap to bet big on the camera front, as the company has always encouraged communication through visuals. It is not clear if this project will become a consumer product.