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.
And hoping gimmicks like new AR tricks or Spectacles can turn that around has always been a lost cause.
Shit, I watch instagram stories now more often because those are easy to see and pick whos I want to watch.