Here's one way to get rid of a warehouse full of unpurchased Snapchat Spectacles: throw an insane New Year's Eve party and give everyone in your company a pair.
At least, that's what we would have added to Snap CEO Evan Spiegel's New Year's Eve bash, on top of the lavish decorations, yummy food, a performance by Drake, and all sorts of other eccentricities that allegedly cost the CEO $4 million to plan, reports TMZ.
According to documents TMZ obtained, Spiegel reportedly rented out the Microsoft Theater at downtown Los Angeles' L.A. Live complex, in addition to numerous venues around the area—Lucky Strike bowling alley, Wolfgang Puck Bar & Grill, and Katsuya, to name a few.
"We're excited to celebrate a transformative year as a team. Evan is personally sponsoring the night's performance," a Snap spokesperson told Business Insider.
Snap reportedly flew in employees worldwide to attend the event, but in a strange twist, the company also set up a digital bubble that prevented anyone at the party from posting anything about it on Snapchat itself.
"Snapchat blocked all snaps coming from Microsoft theater and surrounding venues where their giant NYE party was held last night and employees were explicitly told that they were not allowed to post anything from the party — even on Snapchat," tweeted The Daily Beast's Taylor Lorenz.
Of course, Snapchat has no power over other social networks, and plenty of photos from the event leaked out on sites like Instagram. You can view them all yourself just by searching for one of the party's major venues, like the Microsoft Theater or L.A. Live itself. If you follow Drake on Instagram, you can also view the Instagram story he posted from the Snap party—so much for "no photos."
Overall, the event was a pretty lavish spectacle for a company whose stock price ended 2017 all of 16 percent below its IPO price of $17 a share. Snapchat launched a redesign of its app in late November in an attempt to boost engagement and interest following disappointing earnings results for its third quarter, where the company missed targets for revenue, daily active users, and average revenue per user.
That's the same quarter where Snap also wrote down a loss of nearly $40 million for its failed Snapchat Spectacles and only added 4.5 million new users to its app.
"With the upcoming redesign of Snapchat, we are separating the social from the media, and taking an important step forward towards strengthening our relationships with our friends and our relationships with the media. 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.