UPDATED 23:53 EDT / JANUARY 22 2015

After turning down $3B from Facebook, Snapchat could get $20M from Yahoo NEWS

Snapchat hires journos in push to become an original content publisher

After turning down $3B from Facebook, Snapchat could get $20M from Yahoo

Snapchat Inc. is entering the publishing space after hiring an unspecified number of journalists to create original content.

The chat app is to direct the content to its new Discover feature at the end of the month. As part of the new feature it will start publishing media that it created itself, as well as content from other media companies according to Digiday. The move will see the messaging platform morph into a platform-publisher hybrid aimed at young media consumers.

“Snapchat is on to something that will be incredibly meaningful for its audience and super helpful for reaching people who aren’t consuming content on TV, newspapers and magazines,” an analyst told Digiday.

Journalist believed to be working for Snapchat include former The Verge employee Ellis Hamburger, blogger Nicole James, videographers Matt Krautstrunk, Dom Smith, and CJ Smith, former MTV producer Greg Wacks, and animator Kyle Goodrich.

Upfront it’s a strange move for a chat app that gained its fame for its disappearing messages format; however like Twitter Inc. a decreasing demand curve means the company has to find growth opportunities outside of its core chat service to justify its $611 million in funding and $10 billion valuation.

It’s not unprecedented for chat apps to enter new verticals; LINE Corp., which at its base is also a chat app provider has entered various different markets, including music streaming, mobile payments, and even offers mobile taxi booking services in Japan.

At the time of writing Snapchat has neither confirmed nor denied the report.


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