Key Partners
- Brand and performance advertisers + agencies (28% Y/Y active advertiser growth in Q4’25 — FACT).
- Lens creators / developers (450k+; >5M Lenses — FACT SEC PR).
- App stores and device OEMs (incl. Amazon Fire Tablets distribution — FACT Q4 PR).
- Cloud / infrastructure hosts for messaging and AR delivery.
- Publishers, creators, and brand partners (Discover / Spotlight / campaigns).
- Specs / Snap OS developer and hardware collaborators (public launch planned 2026).
Key Activities
- Ship Snapchat camera, Chat, Stories, Spotlight, Map.
- Run ad delivery, ranking, and performance tools (Smart Campaigns, DPA).
- Grow Snapchat+ / Lens+ / Platinum and Memories Storage.
- Build Lens Studio tools and gen-AI Lenses (Imagine, Animate It).
- Content moderation, localization, and safety compliance.
- Advance Specs wearable AR + Snap OS toward 2026 consumer launch.
Key Resources
- Snapchat brand + Gen-Z friendship graph (474M DAU / 946M MAU Q4’25 — FACT).
- Camera, Lenses, Bitmoji, and Snap OS / Specs IP.
- Lens Studio ecosystem (>450k developers; >5M Lenses — FACT).
- Ad auction, measurement, and self-serve ads platform.
- Subscription product stack (Snapchat+, Lens+, Platinum, Memories).
- $2.9B cash + marketable securities at YE’25 (FACT).
Value Propositions
- Private, camera-first messaging with close friends.
- AR Lenses and Bitmoji for playful self-expression (~8B Lens uses/day — FACT).
- Snapchat+ / Lens+ / Platinum for exclusive and ad-light experiences.
- Discover / Spotlight entertainment and publisher content.
- Performance and brand advertising to Gen-Z / Millennials.
- Specs wearable AR extending Lenses beyond the phone (2026 public launch plan — FACT).
Customer Relationships
- Self-serve consumer accounts, Chat, and friendship features.
- Snapchat+ / Lens+ / Platinum subscription renewals (>25M community — FACT Newsroom).
- Advertiser self-serve + Smart Campaign Solutions (+28% active advertisers Q4 — FACT).
- SMB integrations (e.g. Wix partnership — FACT Q4 PR).
- Lens Studio / Specs developer community relationships.
- Creator Subscriptions for fan-funded exclusive Stories (Newsroom Feb’26).
Channels
- Primary — Snapchat iOS / Android apps + Snapchat for Web.
- App stores (incl. Amazon Fire Tablets — FACT Q4 PR).
- Snap Ads Manager and API / partner integrations.
- Lens Studio → in-camera Lens distribution.
- Discover / Spotlight in-app content surfaces.
- Brand partnerships and experiential AR pop-ups.
Customer Segments
- Snapchatters worldwide (Q4’25: 474M DAU / 946M MAU — FACT).
- Paid subscribers (>25M community Feb’26 — FACT Newsroom).
- Brand and performance advertisers (+28% active advertisers Q4 — FACT).
- SMB advertisers via simplified tools / Wix-style partners.
- Lens creators and Lens Studio developers (450k+ — FACT).
- Specs / Snap OS developers ahead of 2026 consumer launch.
Cost Structure
- Cost of revenue $2.67B FY’25 (hosting, partners, revenue share — FACT).
- Research & development $1.79B (app, ads, AR, Specs — FACT).
- Sales & marketing $1.02B; G&A $979M (FACT).
- Stock-based compensation ~$1.02B GAAP (added back in Adj. EBITDA — FACT).
- Content moderation / Trust & Safety inside opex (qualitative).
- No invented Specs hardware COGS — not a disclosed product P&L line.
Revenue Streams
- Advertising $5,186M FY’25 (~87% of revenue — FACT 10-K).
- Other revenue $745M FY’25; Q4 Other Revenue $232M (+62% — FACT).
- Direct revenue >$1B ARR; >25M subscribers (Feb’26 Newsroom — FACT).
- Q4’25 total revenue $1,716M; FY’25 $5,931M (+11% — FACT).
- FY’25 Adj. EBITDA $689M; FCF $437M; Q4 NI $45M (FACT).
- Snapchat+ launch list $3.99/mo (2022); current price on order page — regional variance.