Snap CEO Evan Spiegel speaks with CNBC’s Julia Boorstin live from the Cannes film festival in an exclusive interview on the tech and camera company’s recent update backlash, it’s rivalry with Facebook and its focus on remaining a tech company.
- Evan dodges question about taking ad dollars from Facebook just says enough to go around from TV advertising
- Now he is the least expensive ad product and easier to buy
- Say he needs to continue to innovate as Instagram (FB) keeps copying everything they do
- Stock down 90% from IPO price, but he is focused “innovating in the long run” even if copied
- Invested in Augmented Reality and betting on that and the “camera”
- Facebook was brought up by Julia Boorstin 100 times, and how can he can compete with them
- He said his advantage is being more private and only allowing people you want to see your content to see it can
- His temple content is content created by friends vs. a Netflix original programming
- Says they are a tech company because of the camera vs. social network
- They just opened up API to developers for apps like Pandora even though he criticized Facebook for doing it
- They are focused on the Android product to help growth
- Kylie Jenner didn’t like the redesign and he says he loves the feedback
- The redesign was a failure even his wife Miranda Kerr hated it but they changed it back now Friends are at top and the publishers were pushed down
- 18 months later the programmatic ads are better
- His 3 pillars Lens Studio, Spectacles, and Snapchat are their focus and doesn’t see a family of “apps”
- They aren’t ruling acquisitions and have bought Bitmoji in the past
- He is constantly looking for new hires
- Evan Spiegel isn’t ready to give voting rights to shareholders yet and said he is executing on his plan with Bobby.
Furthermore, according to this ad agency searches and advertising through social media is constantly growing, because companies know it works. In fact, worldwide budgets for this type of advertising have more than doubled since 2014.