>> Snapchat, the messaging app loved by millennials for the messages that vanish after you open them, now getting another $1.8 billion investment. While Snapchat didn't disclose its valuation in its filing. News website, TechCrunch reporting that the latest round of funding could value the company at about $20 billion.
Reuters reporter Heather Summerville in San Francisco.>> Just last year the company started making ad revenue, it didn't really have any revenue to speak of prior to that. What Snapchat is trying to do, is it's trying be a very effective targeting ad platform, the way Facebook is without really getting intrusive in its users.
So the real question is, can Snapchat strike this balance?>> In addition to simple chat messages, Snapchat users can snap videos and photos, which they can write over, or add funny filters to, and they don't have to worry about an embarrassing moment living on. And Snapchat's been getting creative in pushing advertisers to fit into its unique format as well, suggesting vertical video ads, offering ads through filters in targeted locations.
And this week it even started selling movie tickets for the first time with X-Men: Apocalypse, which opens Friday. Users also got to transform their faces into nine different characters from X-Men using Snapchat lenses for a day as well. Snapchat says it has over 100 million daily active users but there is a danger that it's all a fad.
>> Part of the funding comes from Fidelity which has been a repeat funder. But keep in mind that Fidelity has marked up and marked down its stake in Snapchat, suggesting that its own investors do have some questions about the valuation, and about the future of this business.>> It's all a bit of a head scratch, of course, for those beyond the core Snapchat user age of 13 to 34, and that may also be the appeal for the young to use it even more.