Bebo was founded in 2005 by husband and wife Michael & Xochi Birch. It grew into the 3rd largest social network in the world. They sold the company in 2008 to AOL for $850M just before the Facebook took the title.
Bebo faded far far away but last year the original founders decided to buy Bebo back for $1 million and began thinking of ways to re-launch and create something fresh. They've launched Blab Video Messenger for iPhone and Android which is free to download and have plans to launch 2 more apps over the next few months.
Its basically the exact same as Snapchat, but nice to see a reinvention of an old favourite back to compete with market leaders.