SnapChat IPO and the value question

So, SnapChat values itself at somewhere between 19 and 22 billion.

SnapChat let's people "talk" with pictures. 

Yes, it's used very widely. 

But what is worth more? This application (and it's "appurtenances") with its disappearing videos, or something that will allow you to share this and all other visual content, with people around you?

...and that's before we consider, LiDar and touch-enabled projected images.

LA TIMES

Snap Inc. set a starting price range of $14 to $16 per share for its initial public offering, which at the top end could value the Los Angeles technology company at more than $22 billion.
The IPO of the Snapchat mobile app developer is expected to be the largest ever for a Los Angeles firm and the biggest since Alibaba and Facebook.

What is SnapChat?