How does Snap print?
Attention, then a subscription if they can attach one.
Snapchat. High paper at L4+, cash closer to big tech mid.
The mix
- Ads / attentionThe old internet.70%
- Subscriptions / otherAttach.30%
Industry-shape composite. Not a filing.
Who pays
Advertisers and consumers.
Who builds
Feed, growth, and the ads stack.
