Snap officially sets stock price at $17, raising $3.4 billion in IPO

Close to 8 million Snapchatters will be over the age of 45, according to the research, just over 11% of the total U.S. user base. This year, Snapchat will capture 36.8% of United States social network users, compared with Instagram's 40.3%. At $17 or $18, where some of the people said the deal is expected to price, the company would be valued at as much as $25 billion. The company plans to sell 200 million shares, which will trade under ticker symbol SNAP. A spokesman for Snapchat declined to comment on the EMarketer report, citing quiet period restrictions. "Older groups are now more likely to tune in for content".

"While Twitter has had nearly zero points of innovation in the last several years (Moments does not count), Snap is accelerating its pace of innovation, all while changing the way its users and content partners think about the platform and the future of communication and advertising", Cakmak wrote.

Snapchat user projections for the prized 24-and-younger "Generation Z" demographic were downgraded by eMarketer due to competition heating up from rival Instagram.

According to The New York Times, three anonymous sources revealed Snap has created a drone for users to expand their photo-taking and story creating abilities. Anthony concludes, "Advertisers view that demo as trend setters and their view is that the sooner they attach their brands to those users, the longer those users stay with their brands". The idea is to help users take photographs and record video from up above.

In its IPO registration filings last month, Snap said it had a net loss in 2016 of $515 million, which widened from a net loss of $373 million a year earlier.

Evan Rodriguez, a 20-year old student at Texas Abilene Christian University, used to send snaps of amusing stuff he saw throughout the day, just as his friends did.