From the agency standpoint, Snapchat’s ad platform hasn’t evolved itself enough to have value to anyone except very large brands that can afford to spend more purely on branding than actual return. It is reminiscent of Twitter, which could never find the magic of an ad serving platform that worked to generate returns for advertisers, and obviously, it has hurt the company immensely.
The evolution of a key ad platform as a revenue source will be vital to Snapchat. It took Facebook a bit of time to get it right, and there is a concern that the company may see a point where ads are too plentiful on its site, which could be a negative.
Facebook is where the growth is.