Maybe the X-Men filters didn't get you to watch the film, but it certainly worked on others.
I know of plenty of movies that have terrible ratings from professional critics, but got great box office earnings and all my friends who watched it really enjoyed. There's also plenty of movies with great ratings that I disliked.
Outside of your programmer/hacker/related friends, how many actually look at at the Rotten Tomatoes/Metacritic ratings before deciding to view a movie. I know I don't for theater movies.
Take the new Jack Reacher movie, it has mediocre at best ratings, but I really enjoyed it (I must admit I watched it at the cinema for free, and had nothing better to do).
I think that for the average person, exposure is a very effective method of advertising films.
I personally go by the Reddit discussion on /r/movies. It usually tells me if the movie is going to be worthy my time or not
Intent is not action.
I'd still buy into the IPO and ride it up a bit though.
As previously commented, their advertising, at least in some circumstances, is highly effective.
The growth rate of revenue, how much more advertisers can spend on the platform before it's saturated, and how much Snap can jack up the price per metric, would also play a big role.
I suspect that Snap is merely capitalizing on traditional advertising metrics (engagement, CTR) which don't translate over on their app, and the advertisers just haven't caught on yet. People play with filters because they're funny/amusing, but those impressions don't convert into purchases in the same way other types of ads would.
Earlier last year Snapchat temporarily featured X-Men filters exclusively ahead of the movie release - I interacted with those for the novelty (and mainly because they disabled all the other filters so there were no other options) but I did not see the movie.
Again, I'm not sure if they follow something similar to a CPC model or what, but I bet it's expensive. If the advertisers decide it's ineffective their newfound revenue growth certainly won't be sustainable.