Why did Snapchat have no choice but to change? Because of one person, Mark Zuckerberg, Founder and CEO of Facebook. Snapchat is doing everything they can to keep up, but Facebook is simply TOO BIG.
In 2012, Facebook purchased Instagram for 1 BILLION dollars, this was considered an extremely BOLD move, because at the time, Instagram only had around 12 employees and wasn't really making big money.
New York Times (2014) - Less than three years later, Facebook looks prescient. Silicon Valley is awash in billion-dollar start-ups, and Instagram is valued at $35 BILLION.
Facebook KILLED Instagram, in grand fashion, bought the company, monetized it, and never looked back! I know y'all remember when Instagram didn't have sponsored posts. When Instagram was in chronological order. When Instagram was only pictures. Those were broke days of Instagram, great app, millions of users, but still wasn't making money. All of those initial changes that Zuckerberg made were in order to set up a platform that would be able to start making A LOT more money.
In 2013, Zuckerberg makes an offer to Snapchat CEO, Evan Spiegel. Facebook wants to buy Snapchat for 3 BILLION dollars. Spiegel is no fool, he know's what Zuck is up to, and says "NO DEAL."
Zuckerberg essentially says "fine, I'll just KILL Snapchat and pay you nothing." Instagram starts copying everything that Snapchat is known for: direct picture messages that disappear, filters, stories, everything.
Facebook is TOOOO BIG and Snapchat had to learn the hard way that they can't compete with BIG DOG MARK ZUCK! SAD BUT TRUE!
Snapchat is doing everything they can to monetize the company to make investors/advertisers happy, because here's the thing... WE don't pay for Snapchat.
Advertisers pay for Snapchat, the more ads that get seen, the better. This is why Snapchat had to restructure, they don't really care what the everyday users wants, we don't pay anything. This new update was all about how to better appeal to the people that pay for it, advertisers. If we want the old snapchat back, we gotta pay for it, simple as that.
P.S. I wouldn't sell my company either.