According to Snap, $360 million of it’s $400 million in revenue is made by selling Geofilters that advertisers, consumers and brands alike can purchase. With this being said Snap have (before now) not actually owned the Geofilter patent...
Mobil, an Israeli tech company recently sold their Geofilter patent to Snap for a whopping $7.7million. This is believed to be one of the highest amounts paid for a patent in history. To put this in perspective the most expensive patent sold and recorded was signed and sealed at $2.7 million and was in conjunction with Google Maps.
Mobil launched six years ago in competition with Instagram and were the first to develop the Geo-photo filter technology. Mobil then patented the idea of Geo-photo filters in 2012, after its failed launch in 2011. Turns out maybe not such an unsuccessful start after all... #KA-CHING!
In a bit of he-said-she-said, sources say that Mobil had first approached Facebook to sell the patent and for unknown reasons fell off Facebook’s radar, naturally Snap then swooped. This of course makes sense because if Facebook had secured the patent they would surely have taken down Snap's main source of income. Nice move Snap, very nice move.