On September 22, 2016, the company renamed itself to Snap Inc. from Snapchat, part of a move to diversify its business and coming up with sunglasses equipped with video record-able device. They contain a 115 degree angle lens that will allow the wearer to record up to 30 seconds of video and they can post directly to the Snapchat app.
The news suggests Snap Inc. is stepping forward to compete against its chief rival, Facebook. In 2014, Facebook has invested a very good amount in virtual reality, and it purchased Oculus VR — the biggest name in embarrassing headsets — for $2 billion. Spectacles are a much smaller deal, but it shows that Snap Inc. is prepared not to stick only with its social-sharing app and to move beyond into hardware sector.
While far fewer people use Snapchat than Facebook overall — a reported 150 million every day versus Facebook’s 1.13 billion — the app has recently exploded in popularity across age groups, and it’s become known as the place where people share “intimate” or personal content.