With ads coming soon, could Snapchat be the next YouTube?

Joining Facebook and Twitter, Snapchat will soon features ads on its social media platform. Ads will become the first source of revenue for the $10 billion company.

"People are going to see the first ads on Snapchat soon," co-founder and CEO of Snapchat Evan Spiegel said at the Vanity Fair New Establishment Summit in San Francisco.

Snapchat, the mobile app that allows users to share photos and videos that disappear, will run the ads on Stories and Our Stories, one of the app's most popular features.