- By Colleen McNamara
It’s official! Snap’s IPO is coming (and it’s going to be massive)
There’s been plenty of buzz surrounding the imminent IPO of Snapchat, but the company made it official in its Initial Public Offering filing last Thursday. This means big wins for a couple of Silicon Valley venture capitalists — Lightspeed Ventures and Benchmark — who own $86.6 million and $131.6 million shares respectively. Unsurprisingly, going public means major gains for CEO Evan Spiegel and CTO Bobby Murphy the most, who currently have holdings worth $3.7 billion each. The app’s pictures might disappear after a mere few seconds — but it’s clear that the powerhouse that is Snap Inc. isn’t going anywhere, anytime soon.
You might also like… What Came First, The Snap or the Paradigm Shift?
UPS sees a spike in eCommerce business
UPS recently revealed they delivered a whopping 712 million packages globally during this past holiday season. In fact, PYMNTS reported that the company’s package volume grew 4% versus last year to 4.868 billion (yes, billion) in all of 2016. On the company’s growth, CFO Richard Peretz told PYMTS, “We also delivered to an additional 2.5 million addresses this quarter…these UPS records demonstrate the expanding reach of eCommerce which comes with great opportunities and some challenges.” While eCommerce sales continue to grow for UPS, we’re also seeing an interesting bond begin to form between in-store and online shopping habits: in December alone, 64% of Americans who purchased online and picked up in-store made an additional purchase during pick-up. Big wins for everyone!
GNC may sue Fox over cancelled Superbowl commercial
Oh, what a night! Over 111 million people tuned in to Super Bowl LI last night to watch the New England Patriots win over the Atlanta Falcons in a game that can only be described as the most epic comeback in Super Bowl history. All of this attention translates to big opportunity for marketers — hence brands like vitamin and supplement retailer GNC hoping to capitalize on the hundreds of millions of eyeballs during the renowned commercial breaks. But GNC didn’t get their 30 seconds of fame as hoped: after 2 approval processes, GNC’s commercial, which costed a cool $5 million, was unexpectedly pulled. In a statement released on Friday, GNC’s CMO Jeff Hennion wrote, “After two approval processes, Fox Broadcasting informed us that our company and our message of inspirational true stories was not permitted to air due to NFL policy. In turn, GNC has retained legal counsel and is in the process of preparing a formal complaint with Fox Broadcasting Co.”
Want more interesting updates? See last week’s Industry IQ feature here.