On Friday, Sony announced that Michael Lynton the Corporate Executive Officer of the Sony Corporation and the CEO of Sony Entertainment including their music and pictures division is stepping down from the company.
So where does one of the most powerful person in the entertainment industry go next? Apparently, Lynton is headed to Snapchat. That’s right, the most popular social media app among teenagers just landed the former CEO of Sony Entertainment.
According to the press release, Lynton will become the Chairman of the Board of Snap Inc. He explained in a statement, “I have been involved with Evan and Snapchat since its early days, and given its growth since then, decided the time was right to transition and focus on my role as Chairman of the Board of Snap Inc.”
Lynton added, “I leave Sony with great pride in all we have accomplished together, and confidence that the broad changes we have made and new management team we have assembled over the last few years will strengthen the company overall.”
What’s next for Snapchat?
Last November, it was revealed that Snapchat confidentially filed for an IPO with analysts valuing the company at $25 billion. In turn, Snap inc has the possibility of becoming the one of the highest IPOs since Alibaba Group’s $168 billion valuation. Reports estimate that Snap’s IPO is expected as early as March 2017.
But, Snap inc is more than just a social media company. Last last year, Snap released Snapchat Spectacles for $129. The device allowed for people to easily capture video with sunglasses, which could in turn be posted on the Snapchat social media app. The company also acquisitioned Israeli start-up, Cinimagine. Cinimagine is an augmented reality company that allows for people to instantly see how products they want to buy look like in a specific location in real time. Ultimately, Snapchat is a behemoth in the video industry with studies asserting the company generates 10 billion video views every day.