Snap Chat Frames Itself As a Camera Company - Will It Ever Make Money?

The CEO of a leading education business said in a talk I attended last week that "paying customers means you have a business whereas having users suggests all you own is an investment vehicle ... and the only buyers of that are fools looking to sell it on to other idiots."

Snap.Inc made an impressive debut on the NYSE last week, there seem to be plenty of institutional and retail investors prepared to mop up the Snap shares in the immediate aftermath of the IPO. In this short piece for Newsnight, David Grossman explores whether Snap's valuation is based on anything solid - is the short form video the future of communication? Can Snap ever make a profit as a camera company?