Facebook, the giant of the U.S social networking last summer made an unsuccessful bid to acquire Snow, a Snapchat-like service from Naver, a $25 billion-valued Korean firm who created the chat app “LINE”
The app grabbed attention in the Summer when it raced up Android and iOS app store rankings in Korea, Japan and China, collecting over 30 million downloads and due to Snapchat’s apparent lack of interest in Asia, the awareness of Snow and Naver was really heightened.
When Facebook CEO Mark Zuckerberg got wind of Snow and contected the Chairman of Naver Hae-Jin Lee over the phone with an offer to buy it. Hae-Jin rejected the offer because he believed that since he sae Line raise over a $1 billion in a dual Japan-U.S IPO in July of last year, Snow also has the potential to become a similar success.
Other companies such as Tencent – the maker of Wechat, Alibaba and others also had acquisition interest in the app.
“It’s true that Snow is receiving love calls from various companies” a representative from Naver. Although he never mentioned who Snow’s suitors are.
Naver confirmed Snow crossed over 100 million downloads in December with 40-50 percent of its userbase active on the app each month. For a year old project, those are pretty impressive figures but they are still way behind Snapchat. Like many other Western services, Snapchat is blocked in China leaving a large gap for Snow to fill. The Chinese government estimates that there are over 700 million internet users in the country, so even the most optimistic figures for Snow in China.
Since Snapchat is not active in China, Snow will definitely be download by those 700 million internet users in the country and other neighboring countries. For those who have been wondering why Naver refused Facebook offer, please do the maths….
Naver is a definitive digital resource that enables its users to find definitions, synonyms, audio pronunciations, and translations of words. Naver consists of a dictionary and an encyclopedia and is available in 20 languages. It also supports handwriting input. It is also the firm behind the chat app LINE and Snow. Its Chairman is Hae-Jin Lee.
Facebook, founded in 2004 is an online social networking service that allows its users to connect with friends and family as well as make new connections. It provides its users with the ability to create a profile, update information, add images, send friend requests, and accept requests from other users. Its features include status update, photo tagging and sharing, and more. Its CEO is Mark Zuckerberg.
Snap, formerly Snapchat Inc, is a privately owned multinational camera company. The company announce the rebranding on September 24, 2016 as it introduces its new product called Spectacles.