Snapchat's Evan Spiegel spends $5.6 million on New Year's party

Joanna Estrada
January 2, 2018

While the tech company remained tight-lipped on the identity of the performer, rumours are that it's Canadian rapper, Drake.

Snap, Inc., the parent company of Snapchat, held its lavish New Years Eve party at the L.A. Live complex in downtown Los Angeles.

According to documents obtained by TMZ, iconic venues rented out for the party, which has obtained permits to host up to 5000 guests, include celebrity haunts Katsuya and Wolfgang Puck Bar & Grill, and the Microsoft Theatre, which plays host to the People's Choice Awards each year.

Although Drake has not yet confirmed that he will be hitting the stage, the company said: 'We're excited to celebrate a transformative year as a team.

We're told Spiegel's also planning to fly in SC employees from around the world.

We can only assume that our invitation to Snapchat's glorious party was lost in the post. The highlight of the night: A surprise performance by Drake. Snap declined to confirm that number, but a spokesperson says that Snap CEO Evan Spiegel himself personally sponsored Drake's appearance.

That's the same quarter where Snap also wrote down a loss of almost $40 million for its failed Snapchat Spectacles and only added 4.5 million new users to its app. "This will provide a better way for publishers to distribute and monetize their Stories, and a more personal way for friends to communicate and find the content they want to watch", wrote Spiegel in a November Axios article.

Other reports by Click Lancashire

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