It's pretty clear to me that people value Snapchat. Imagine totaling up the time voluntarily spent on Snapchat. Capturing that value...that's another question but there's a lot of economic value provided by Snapchat (as in people chose to use Snapchat over doing something else).

I've never used Snapchat and only barely know what it is (an even shorter lived instant messaging thingy where messages disappear and gamification techniques are used to keep you enganged?)