Snap Inc which kicked up a lot of buzz at Cannes Lions thanks to its massive ferris wheel and a $100 million deal with media giant Time Warner, hosted a private invite only party. Getting into the party was tricky even for some Snap execs who were delayed at the door by the event’s overzealous security. Journalists were banned and oh yeah so were cameras which was odd being that Snap Inc, calls itself a camera company.
From Digiday‘s Cannes Briefing:
“It’s a power play,” said an exec at a Snapchat Discover publisher. “These are all powerful media people, and Snap controls who gets in and what they do.”
It wasn’t all good news for Snap though. During this time its chief rival Instagram made a big announcement which sent Snap’s stock into a tail spin. Instagram announced that it added 50 million more users for its Instagram Stories bringing its total active daily users to 250 million. This after Snap saw a surge in its stock following its big deal with TimeWarner.
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