Evan Spiegel, the co-founder and CEO of Snapchat, says that the video messaging app has more than 8 billion views per day.

Spiegel revealed the information during a Morgan Stanley technology conference on Monday. The CEO also confirmed that video views on Snapchat have been up by about five times when compared to last year. The messaging app has more than 100 million daily users who spend about 25 to 30 minutes on an average.

Snapchat has a valuation of $16 billion and Spiegel's latest presentation in front of bankers suggest that the CEO wants investors to know the growth potential of the business before releasing its initial public offering (IPO).

Spiegel also unveiled that Snapchat mainly appeals to people to people between 18 and 34 years. He says that 41 percent of Americans in this age category use Snapchat.

The video messaging app has a number of rules in place or advertisers to post their content such as only vertical videos. The company is also working for making the app easier for content makers to post ads.

"Since launching ads just over a year ago, Snapchat has continuously worked to strengthen its advertising team and product offerings, most recently restructuring the team," said a Snapchat spokeswoman.

Video views on Snapchat has been growing at a very fast pace. In May 2015, the number of video views on the app was 6 billion and now it has increased by another 2 billion within less than a year.

Snapchat is closing the gap with Facebook as the social media giant also had 8 billion daily video views in November 2015. Facebook has announced its plans to focus on video in the next few years.

"Over the next few years video is going to be the most engaging content online, and by continuing to innovate here we have a chance to build the best place to watch and share video," said Mark Zuckerberg, Facebook's CEO.

Snapchat and Viacom have entered into a deal, which will allow Viacom to sell advertising on the mobile app's behalf.

The agreement with Viacom will help Snapchat increase its revenue and expand its reach in the growing advertising business. Many ad buyers believe that ads on Snapchat can help target young audiences. However, the company's lack of sales organization and expensive ad price are some reasons why ad buyers are skeptic of using Snapchat for advertising their products.

Spiegel did confirm the number of video views but he did not reveal the number of daily active users, which stands at about 100 million since May 2015.