Social media company
Launched as Picaboo in 2011 by Evan Spiegel and Robert Murphy, incorporated as Snapchat Inc in 2012, changed name to Snap Inc in 2016 and listed on the New York Stock Exchange on 2 March 2017. Snapchat is a camera application and chat service. Snapchat Specs, their first hardware product, are spectacles with an integrated video camera. Revenue is generated from advertising.
In 2022, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change Score of A.
Source: CDP (2022)
America's Most Responsible Companies 2022 by Newsweek and Statista recognises the Top 500 most responsible companies in the United States. Companies were evaluated in three areas: environmental (waste, energy use, etc.), social (leadership diversity, employees and philanthropy) and governance (transparency and economic performance). This company received a total score of 83.1/100, ranking 4th in the Software & Telecommunications sector, and 79th overall.
Source: Newsweek (2021)
In 2021 Snap agreed to pay US$35 million to settle a class action lawsuit in the USA. The suit alleges that Snapchat's filters and lenses violated Illinois' Biometric Information Privacy Act (BIPA) by collecting and storing biometric data without users' consent. Illinois has some of the most stringent laws when it comes to companies collecting residents' biometric information, including fingerprints, iris and retina scans, and face scans.
Source: Tech Crunch (2022)
Many apps are designed to be deliberately addictive, using psychological tricks that continuously grab your attention. The Center for Humane Technology partnered with Moment, an app that helps people track their screen time, to ask how much screen time in apps left people feeling happy, and how much time left them in regret. Apps were ranked with data collected from a pool of 200,000 iPhone users. This company's Snapchat app ranked thirteenth in the Most Unhappy list, with 50% of users reporting they are "unhappy" with the app and how much time they spend on it, with daily usage averaging 61 minutes.
Source: Center for Humane Tech (2021)
As listed on the We Mean Business website, this company has committed to the following climate action initiatives: adopt a science-based emissions reduction target.
Source: We Mean Business (2021)
This company is a member of the Responsible Business Alliance (formerly the Electronic Industry Citizenship Coalition), a non-profit coalition of electronics companies which supports the rights and wellbeing of workers and communities worldwide affected by the global electronics supply chain. RBA members commit and are held accountable to a common Code of Conduct and utilize a range of RBA training and assessment tools to support continuous improvement in the social, environmental and ethical responsibility of their supply chains.
Source: RBA (2022)
This company is a member of the Responsible Minerals Initiative (formerly the Conflict-Free Sourcing Initiative), which helps companies address conflict minerals issues in their supply chains. The RMI provides information on conflict-free smelters and refiners, common tools to gather sourcing information, and forums for exchanging best practices on addressing conflict minerals. Membership is open to companies that use or transact in tantalum, tin, tungsten or gold (3TG). Founded in 2008 by members of the Electronic Industry Citizenship Coalition and the Global e-Sustainability Initiative.
Source: RMI (2019)
California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
Source: company website (2017)
After being sued by Investel to invalidate a key patent, this company agreed in 2016 to pay US$158 million to Reggie Brown who asserted that Snap Inc was using certain intellectual property that he jointly owned with the two other co-founders.
Source: news article (2017)
This company received an S&P Global ESG Score of 55/100 in the Interactive Media Services & Home Entertainment category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 18 Nov 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022)
|Revenue||405 million USD (2016)|
|Address||Los Angeles, California, USA|
Products / BrandsSnap Inc
Snapchat Social Media