Kylie Jenner fleeing Snap might be just the beginning
Getty/Michael Kovac
- Kylie Jenner tweeted that she doesn't use Snapchat anymore.
- That may mean other Snap influencers may do the same, according to one analyst.
- The larger wave of people staying off the app is a real concern for the company.
Kylie Jenner might not be the only one.
The social media star tweeted this week that she doesn't use the app anymore, wiping more than $1 billion from Snap's market capitalization. According to analyst Craig Huber of Huber Research Partners told Business Insider, that could be an indicator that more influencers will leave the app behind.
"That's the worry," Huber said, adding that "the pile on effect" may ensue, meaning that other influencers will get spooked and do the same. "That's certainly a concern," Huber said.
He added that Jenner's tweet is "a negative issue for the company," estimating that Jenner was attracting roughly 24 million followers. "That's a big number," he said.
Influencers are "a nice plus" for Snap, Huber said. The total market for influencers in 2017 was $1.5 billion according to Business Insider Intelligence's Influencer Marketing Reporter, and much of that market was eaten by Facebook's Instagram. But the market could grow to $10 billion by 2022, so Snap "certainly don't want to lose it," Huber said.
Jenner's tweet arrived at a time when many users are upset about the platform redesign. Huber said that "the company should have seen this [redesign backlash] coming if they did a proper job testing this in the marketplace." He added that "the bigger problem" is the real possibility that "a lot of people in your circle leave it [the platform]."
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas