Snapchat's parent company, Snap Inc. will reportedly spend $1 billion on Amazon web services, which when calculated in INR comes roughly around Rs. 6,689 crores.
Latest reports making rounds on the internet states that Snap Inc. will be investing billions for the next the five years in order to use Amazon's cloud services. To recall, earlier, the company had announced to spend $2 billion to get access to Google's cloud platform.
This clearly indicates that Snap is working on improving its cloud storage. Furthermore, reports are also such that the firm is eventually investing in building its own infrastructure in the days ahead.
Taking these initiatives, Snap is prepping up to raise its market value by nearly $3 billion, which for now is valued between $20 to $25 billion.
Well, for now, the California-based Snap completely depends on Google Cloud to host the vast majority of its computing, storage, and bandwidth says reports.
By investing in making its cloud computing platform stronger, in the wake to counter the other competitive social media platforms like Facebook, Twitter, Instagram, and others. Stay tuned to GizBot is get latest updates on Snapchat's strategy to strengthen its market value and gain millions of users.