Here's exactly why Snapchat thinks advertisers should spend hundreds of thousands of dollars per day on it

In an introductory video, CEO Evan Spiegel explains why he thinks Snapchat ads are better than the competition. Snapchat is reportedly generating hundreds of thousands per day from its video sponsorships.

Snapchat ads don't include what's called a pre-roll video - ads that run before your content starts playing - which Spiegel thinks people find "annoying." All Snapchat ads are also arranged vertically so they fill the entire screen on smartphones, which is a big theme on Snapchat.

Spiegel also lays out the two forms of Snapchat advertising: premium and curated content. Premium content is essentially high-quality ads provided by Snapchat's "editorial partners," while curated content pulls in live stories collected from Snapchatters at events around the world.

You can see Snapchat's entire pitch to advertisers below.