Snap will need to figure out how to serve ads in a unique way. It will really have to be a unique mix of technology & human behavior. Some people on LinkedIn have been quick to compare Snap to Facebook. Facebook IPO'd, tanked, and now is killing it, and is a great place to spend advertising $$ right now. I haven't used Snaps ad platform yet so I can't comment on that fully, but I think it really comes down to the trained behavior over the last 10 years of consumers.
I believe when Facebook went public, the fact that it was only serving ads like typical "banner ads" - is the reason we saw very low revenue for Facebook early on ---- We were already trained to ignore those banner ads. Mobile got a huge push around 2012/2013+ when the iphone and android phones flooded the market. This is when the ads appeared in our vertical news feed, on our phones, we had no choice but to scroll through them and see them. I think we are trained from that experience by Facebook right now and Snapchats ROI on ad spend is struggling. Snap will need to innovate here because I skip the ads in Snap out of habit now, the same way I did with banner ads on Facebook 1.0 until they hit us with mobile ads.