I honestly feel stories are probably one of the biggest drivers of current growth. It's kind of cool to have a easy way to scroll through my friends and get an update of "oh, I guess Jeremy went on a hike; Monica is harvesting blackberries; etc"
I can't emphasize how important it is that companies like Snapchat and Instagram have made this such a big business. Remember when people would Tweet out with text that they were doing this? For example, your friend Tweets: "Wow, what a nice hike today!" The reason I give so much credit to Snapchat is they changed the way we do this. Why would I give you this kind of update in my life with simple text, when instead, I could actually take a picture? Snapchat got so popular because they took the boring Tweets people weren't getting much attention for and made people's trivial daily tasks that much more interesting for your followers.