The way I see it, Snapchat as a unique fun little app that had a very specific use case. That's what users loved about it.

But VCs aren't so keen on quirky little apps... they want an app that everybody uses all the time. This release is an attempt to take Snapchat more into the mainstream messaging market, even if that means losing its original appeal.

VCs would rather pursue a small chance of being number 1 in a major category to a big chance of being a popular niche player.