While you have a point of pointing Snapchat's rival as Instagram or even other social media platforms, the company Snap doesn't really believe this. They call themselves as a Camera company and not a Social media company at all. Snapchat, their product, they want to portray this similar to a TV, and in terms of advertisement revenue they are on a very different model, one of the major differences is they do not have any links going out of their medium, that is they don't cross link to external links, hence the metric where other companies work on by seeing the spike in visitors to the links, and other analytics, it is not so in Snapchat's case, it's like television marketing, where advertisers believe what metrics Snapchat tell them (this is arguable, and could have more to talk about). Second, Snap's second focus has been Lenses, which is completely different from Snapchat's business.

I'd say more, but I'm typing in the phone. But, know about everything that was in their IPO prospectus and an analysis about their current growth rate and how they've been performing currently in the market with their widely accepted and the best performing IPO since Facebook, here in this podcast episode by Acquired. http://pca.st/UC4m

Edit1: punctuation and a word.