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Video messaging company, Snapchat, is predicting a revenue push in 2016 that would be six times above last year’s forecast.

SnapChat is enjoying a boom period that has seen investors jump on the company’s bandwagon, no doubt inspired by the massive $16 billion valuation the video messaging company announced last May and again at the start of this month.

The company is now predicting huge growth through 2016, estimating revenue between $300 million and $350 million during the course of the year, according to a report from Re/Code.

That would be a massive increase over the company’s revenue during 2015, when the company predicted $50 million in income.

Snapchat brought in more than its 2015 prediction and was on a $100 million rate run in revenue through October last year.

Even so, the company’s projected growth through 2016 would be unprecedented, while also representing a stunning performance for what is still a young company. The start-up is still harnessing the potential it has for earning, and has still not reached the amount of advertising power as some of its rivals.

Advertising is Key to Snapchat Growth

To catch up with advertising, Snapchat is developing its own advertising API, which will connect the service with advertisers to place their ads on the service. While Snapchat is not discussing its finances directly, it did confirm a fresh round of investment last week, with Fidelity adding $175 million worth of funds into the company.

Advertising will certainly be key to boosting Snapchat’s revenue moving forward, simply because the existing streams are unlikely to account for such a big boost, even if they are admittedly robust.

Live Stories lets advertisers sponsor video montages around major events, for example in the entertainment and sports worlds. Discover was launched last year gives users access to small pieces of content added by advertisers.

SOURCE: Re/Code