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Why is Snapchat worth $19bn?

A portrait of the Snapchat logo in Ventura, California
Snapchat's latest funding round puts its value at a reported $19bn, but why is a simple photo-sharing app worth so much?
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Tech Talk: The Evolution of Messaging

Tech Talk: The Evolution of Messaging

In the last few years we have seen an evolution of what messaging is with apps like Viber, WhatsApp, Snapchat and Facebook messenger reinventing how people communicate