Facebook is reportedly looking to expand it technology empire by bringing popular photo and video sharing app Snapchat under its umbrella but the deal is not likely to occur.
According to The Wall Street Journal its sources were aware of a $1 billion dollar offer for Snapchat. However Snapchat CEO Evan Spiegel has turned down the offer. The timeline of these events are not specified so it is not known when Facebook brought the enormous offer to the table.
The Snapchat offer is a very similar move to the deal Facebook closed with Instagram a little over a year ago. Unlike Instagram, users are able to share photos on Snapchat but the recipient is only able to view the photo or video for a predetermined time period.
According to Snapchat over 350 million photos are exchanged on the app daily. The app is popular with a younger demographic and adding Snapchat would be a great addition to keep a steady growth on the world’s largest social network. Recent reports have found that younger users have begun to lose interest in Facebook.
Facebook has attempted to infiltrate the niche photo sharing world with its clone app Poke but it has not been able to grab users at a rapid rate.
Both parties, Facebook and Snapchat have yet to comment about the alleged deal.