This is entirely true. I don't understand Snapchat's valuation in the slightest, which is why I mentioned it here in comparison to this acquisition. I'm yet to see how large audiences and advertising revenue are an answer to anything; see MySpace and Zynga, both of which fulfill(ed) those criteria. Snapchat seems like an easy service to clone in theory relative to, say, a YouTube or a Twitter-certainly Facebook could do it-so what are they bringing to the table exactly? Where does their value come from? A bit off topic here anyway. I just thought it was a nice comparison.