Facebook has been eying on a snapchat-like service, Snow and recently went ahead bidding $25 billion for acquiring it, but all went unsuccessful, as reported by TechCrunch sourcing from Korean firm behind chat app Line, a source close to the company.
SNOW – Selfie, Motion sticker is nearly reaching 50 million installs on Google play store only, and according to sources, the app is adding around 10 million more each month across the mobile platform. It is this trend that has seen acquisition interest from Tencent — the maker of blockbuster chat app WeChat — Alibaba and others.
“It’s true that Snow is receiving love calls from various companies,” a representative from Naver told TechCrunch in a statement. Despite acknowledging outside interest, Naver did not name Snow’s would-be suitors.
It is believed that Facebook CEO Mark Zuckerberg noticed the impact of the snow app when it hit 30 million downloads on the Android & iOS platforms in Korea, Japan and China. He contacted Naver Chairman Hae-Jin Lee over the phone with an offer to acquire it. Naver saw Line raise over $1 billion in a dual Japan-U.S. IPO in July of this year, and Lee rejected Facebook’s overtures because he believes Snow has the potential to become a similar success.
Naver reinforced ties between the two services in September when Line made a $45 million investment in Snow that gave the social app a valuation of $180 million. The investment deal allowed Line take 25 percent equity in Snow.
Could Snow be a Snapchat clone?
Snow features more than 30 different filters and over 700 stickers, making it like Snapchat on steroids. Its notable features include:
If you would like to check it out, head on Google play store to download it. Its available for FREE! Only 4.1 and up is required for Android devices.