Is Snapchat dying?

I remember a few months ago when Snapchat breakthrough and turned into a big thing, everyone started to talk about that and how it was the new preferred channel for millenials, all the brands started to use it and create amazing campaigns for it, a lot of influencers were born there, there were a lot of people that even said Snapchat was on its way to overthrow Instagram and Twitter, some even said it also had a chance against Facebook.

I started using it for some of my projects during that time, and I have to say it brought me some good results, at the beginning the reach and awareness you could drive through Snapchat was huge, its features also gave a lot of options for creating good and creative content, it was just amazing. The audience there was also quite big, only by sharing your snapcode everywhere you could get a lot of new followers, it kind of reminded me to Twitters first moments.

But now that golden age has apparently ended, I still have a few accounts there that I manage, and most of them have lost 60% or even 70% of the reach they had at the beginning, the content I use there is seen but significantly less people than before, and this last weeks I have barely gained some followers.

Snapchat features and concept were really revolutionary at the beginning, teenagers and millenials loved it, and Instagram was forced to copy some of its features for avoid loosing users.

Its quite clear that Snapchat has lost its momentum, we will have to wait and see if it can recover it, but in the mean time, here are some of the reasons that explain why it has lost it:
Simplicity ended up being an enemy: Snapchat Simplicity was one of the features that allowed it to be so successful, using it was really easy, you only had to press a button and record a history, and that was it. But I think that simplicity ended up being a bad thing later, users kind of expected more than that, and Snapchat failed to add more features that could keep their audience interested.
Ephimerality was a limit for attracting new audiences: If you run a channel like Snapchat, your main concern must be to keep enlarging it, getting new users all the time, thats actually one of the reasons why Zuckerberg is so obsessed with bringing internet to the whole word, because he knows its is the only way Facebook can keep its growing rates in the long term. Snapchat also failed in this objective, it couldnt bring more people to the platform, and I think the ephimerality is to be blamed for this.
Millenials and teenagers loved it, but I dont think the rest of the audiences liked it.

What do you think of all these? are you still using Snapchat as a successful channel? is it still bringing some value for you?

What do you think of its future? will it recover? or is it going to fe forgotten soon?