Instagram and Facebook have been ripping off Snapchat for a while. Last August, Instagram debuted its stories feature, which functions in a very similar way to Snapchat. Earlier this year, Facebook Messenger added the same feature.
The change-ups seem to be working, with a recent survey revealing that influencers are ditching Snapchat for Instagram Stories.
This loss is clearly affecting Snapchat — on Wednesday the company reported a massive a $2.2 billion loss in Q1. But it wasn’t just earnings that took a hit, the app’s user growth was the slowest it’s been in two years, reaching 166 million users, while Instagram boasts a comfortable 700 million users.
Despite this, Snapchat co-founder Evan Spiegel doesn’t seem too concerned by Facebook and Instagram’s encroachments.
He dissed them in a statement, saying “if you want to be a creative company, you have got to be comfortable with and enjoy the fact that people copy your products if you make great stuff. Just because Yahoo! has a search box doesn’t mean they’re Google.”
The market wasn’t as easily convinced, however, with shares of Snap Inc., Snapchat’s parent company, dropping 24 percent after the announcement.
In other news, Snapchat adds infinite snaps, new magic eraser and loop tools.