Snapchat is HUGE with college aged and under, they check it nonstop and it has become the go to social platform. It also has pretty good ideas for revenue between custom filters that anyone can pay for (different tiers) and placing ads in between stories when watching them. They can be skipped and are pretty non intrusive.
I really like snapchat because it is super casual and there is no inherent risk in throwing something goofy together, and no pressure of getting likes or upvotes or anything.
I'm recently removed from that demo, and anecdotally can confirm this.
Facebook is where your relatives are, and Instagram is where your entire peer group is. Snapchat is where you can share with who you want (send private snaps to groups, and post stories to the public) while still seeing everyone's content. All while being reasonably confident that your photos/videos aren't being saved (or at least notified when they are, assuming somebody doesnt have an external camera ready).
All of that, plus the ads just feel fair. They exist, appear at the "right" times, and can easily be skipped if content isn't interesting.
I used to think snapchat was a fad. But as its evolved, I've become increasingly confident in their ability to stay relevant.
Edit: I didn't awknowledge your "no like count" point - also spot on. Only visible metric is views to your story, and that isn't public. Pressure to post something "amazing" just doesn't exist like other social networks.
The filters are fun, too. It might sound weird, but my SO and I will sometimes just snapchat each other over the span of a couple hours with weird faces from the filters.
Partially because we're doing long distance at the moment, but a lot of it has to do with how fun the filters are—and they're always changing them, too!
All of that, plus the ads just feel fair. They exist, appear at the "right" times, and can easily be skipped if content isn't interesting.
I won't dispute your other points, but I wonder, since skipping the ads is so easy, does anyone ever NOT skip them? I know I certainly have never watched one voluntarily. I also know that I'm a bit of an outlier when it comes to that sort of thing, but I really can't think of any good reason why people wouldn't just skip them every time.
I used to think snapchat was a fad too. I scoffed at the 4 (?) billion dollar offer they turned down. But now I am sure it is not and that its worth more.
This is what happens to all social media platforms in time. Young people don't want to be where their parents are. Then the parents arrive. Then the young people leave. It's a constant cycle.
I really like snapchat because it is super casual and there is no inherent risk in throwing something goofy together, and no pressure of getting likes or upvotes or anything.