[narrowrail]

>here is where I think its value lies:

I don't think the users (whatever their age) of Snapchat find value because of the advertisers; that seems to reverse cause and effect.

[w1ntermute]

He's referring to the value to shareholders, not to users. It's already apparent to everyone that there's value for users - there's an enormous number of them spending a ton of time in the app.