<p>What’s Snap’s problem? Basically, Facebook. One year ago, Instagram, the photo-sharing app owned by Facebook, introduced its own version of Snapchat’s “Stories.” This feature had been a critical differentiator for Snapchat, allowing its users to make and share mini-movies about their lives, and helped make the app extraordinarily popular. Since Instagram rolled out its near-perfect facsimile, though, Snapchat’s growth rate has collapsed.</p>

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