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Maybe it has to do with how investors view hardware vs. software companies. Social networks are much more volatile than hardware products and hardware companies are more stable.

Of course, labelling themselves as camera company isn't going to fool HN, but it might be viewed in a different light by investors.

I'd rather be seen as the next big social network than the next GPRO

Why can't a camera be software? Top 5 cameras on Flickr are iPhones. Software is eating the world, including photography.

The iPhone is not software.

the default camera on iphone is used synonymously

This line was included to convince investors they have product vision considering that until Spectacles they were completely locked into Apple and Google's mobile platforms. Presumably some type of light sensing device will always exist. Will they become a product company that makes per unit margins? Maybe not.

I don't know though - they have strongly differentiated camera software and you see recognisably Snapchat pictures all over social media. Along the same lines, compare Faceboook's idea of what a camera in their app should be and you'll see a blatant copy.