Key Takeaways:
Snapchat has announced a set of new augmented reality (AR) and machine learning tools (ML) tools designed to help brands and advertisers reach out to users of the popular social media platform in an interactive manner.
During the announcement, which was made at the 2024 IAB NewFronts event on May 1st, the company said that it is investing heavily in ML and automation systems to make it easier and faster for brands to develop AR try-on assets.
Snap claims that it has reduced the time taken to create these AR try-on assets at scale, allowing brands to quickly turn their 2D product catalogs into 3D try-on experiences.
Brands and Advertisers Can Create AR Lens on Snapchat to Promote Their Products
With its AR extension, Snapchat now lets brands create interactive ads using generative AI technology. Advertisers can integrate customized AR Lenses and Filters directly into all ad formats on the platform, including Dynamic Product Ads, Snap Ads, Collection Ads, Commercials, and Spotlight Ads.
Advertisers can provide a simple text or image prompt to generate a unique ML model that adds realistic face effects to a Lens, which can then be used as AR ads on Snapchat. This allows them to showcase their products and IP and also share their brand with Snap users through ads powered by augmented reality.
Users can take selfies by putting on the realistic face effects produced by the brands, enhancing the app’s overall user experience. According to Snap, more than 300 million users engage with its AR experiences daily, on average.
On Wednesday, the company noted that it is focused on investing heavily in its ad businesses and is encouraged to do so due to increased demand in the area.
Snap Launches Dedicated Sports Channel and Will Exclusively Cover the 2024 Paris Olympics
Snap also announced that it is launching a dedicated sports channel called the “Snap Sports Network” that will cover unconventional sports like dog surfing, extreme ironing, water bottle flipping, and more. The channel will include user-generated content alongside scripted content hosted by Snap Stars.
Launch partners for the Snap Sports Network include e.l.f and Taco Bell.
The company has entered into a partnership with NBCUniversal that will see popular Snapchat creators like Livvy Dunne and Harry Jowsey reporting from the 2024 Summer Olympics in Paris. There will also be a new AR Lens on the app dedicated to NBC’s coverage of the event, allowing Snap users to immerse themselves in the events of the day.
Furthermore, Snap will continue its longstanding partnerships with sports leagues like the NBA, NFL, and WNBA, to provide users with official content across Stories and Spotlight.
In addition, the company is expanding its collaboration with Live Nation to launch a new Snap Nation Public Profile that will feature exclusive behind-the-scenes content from concerts. Snapchat will curate stories from public posts of users who attend concerts and festivals hosted by Live Nation.
Snapchat Posts $1.19 Billion Revenue in Q1 2024
Snap’s new tools for brands and advertisers were launched a few days after the company reported its earnings for Q1 2024, which increased 21% to $1.195 billion.
The company also highlighted that the number of small and medium-sized advertisers on the platform increased 85% year-over-year. This revenue hike is largely attributed to the improvements it made to its advertising platform.
As part of the earnings release, Snap also revealed that the total watch time on its TikTok competitor, Spotlight, increased more than 125% year-over-year, indicating the product’s rising popularity among users. With TikTok’s US ban at play, it will soon be Spotlight and Instagram’s Reels battling to take the top spot in short-form video content.
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