When my younger family members who are in high school and college want to contact me, they always start the conversation on Snapchat.
It's all anecdotal, but I think Snapchat has been outside the fad phase for awhile now.
You may not grow out of snapchat, but the youngs are guaranteed to move on to something else. That's the way it's gone for everything else, no reason for snapchat to be any different.
Doesn't mean they can't build a business around the audience they have, but I think expecting that audience to continue to grow significantly over the long term is a mistake.
Are high-school students a lucrative market (and I'm not talking the mobile ad ponzi)? I was pretty poor at that age.
There's a reason Coke and Pepsi are so aggressive at advertising to that demographic.