Not to mention all the Asian social networks that are growing like crazy.
My theory is that Snap just doesn't have enough differentiation either as a product or as an audience to be sustainable as an independent entity long term (caveat: Snap in today's form). I don't know how long they'll be able to retain their core unique demographic and most loyal users when the action is all happening on Instagram. I get the feeling it'll be one of those shifts that happens slowly at first, and then quickly - especially if the company makes major missteps (like the recent redesign fumble) or becomes too stagnant. However, I believe Snap still has enough time and money to change that trajectory with the right vision and leadership.
Hence the network.
Shit, I watch instagram stories now more often because those are easy to see and pick whos I want to watch.
And hoping gimmicks like new AR tricks or Spectacles can turn that around has always been a lost cause.