Here’s how Facebook’s newest rival is shaping up

Forget any rivalry that YouTube and Facebook have when it comes to video views, because there’s a new competitor in town. Snapchat now receives 8 million video views from users around the world, every singe day – the same number as Facebook. This is 5 times higher than it was this time last year, as Snapchat’s CEO Evan Spiegel told an audience of investors at the Morgan Stanley Technology, Media and Telecom Conference on Monday.

Although Snapchat do not reveal any official statistics, according to most reports the company has more than 100 million daily active users. And although Facebook has 1.04 billion daily active users, this means that Snapchat’s average users are watching a lot more videos than Facebook’s.

Snapchat has positioned itself as the major video destination, and has a $16 billion valuation in the private market.