I am sorry I do not understand how any of these companies make money. They couldn’t posibly be selling that many adds are there even adds on snapchat?
Ads and in-app purchases.
Millions of users spending a few bucks really adds up.
However, it doesn’t mean they are making Billions every year. The “purchase value” of a social network is primarily based on the number of users, the demographics and how active they are. It is a valuation based on future potential profit and can be completely wrong.