What You Need to Know About the Snapchat Rebrand
What is Snap, Inc.?
Snap, Inc. was originally called Snapchat and it was a form of communication through photo sharing. In 2011, Snapchat’s initial functionality consisted of sending pictures to friends ranging from 1-10 seconds, and then the pictures would disappear. In 2013, Evan Spiegel – Snapchat’s founder and CEO – turned down Facebook’s offer of $3 billion for the app. Since then, Spiegel and Snapchat have continued to roll out new offerings for users such as video sharing, “stories”, filters, and lenses, all for free. Well kinda… see anytime a product is ‘free’ that means we, the users, are actually the product intended for sale to marketers and most recently, an integrated advertising platform was added in to Snap, Inc. that will enable brands to get in front of more eyes.
The move to Snap, Inc. coincided with the advertising platform introduction and was made in an attempt to distinguish themselves as more than just a chatting app. They have already rolled out with new products such as the Spectacles, and have plans to roll out more product offerings that enhance the way people share and capture their experiences. Snap Inc. is now rumored to be worth anywhere from $16 billion – $22 billion, and it seems to be growing faster and faster. Instead of being considered a social media app, Snap is now being described as a camera company.
Wait, Snap, Inc. has Spectacles?
Yep. Snap’s first product offering is called Spectacles, which appear to be a similar version of the failed Google Glasses. They could be described as sunglasses with an integrated video camera that makes it easier to capture and share memories and will cost $129.99. Not so fast though, Snap, Inc.’s Founder Spiegel has mentioned that they are planning “a slow approach to rolling them out”.
What Does Snap, Inc. Have to Offer Marketers?
Glad you asked. With over 100 million active daily users, marketers are buying placements within the platform to showcase their brand and products. However, Snapchat doesn’t have typical media placements, instead they use interactive activations for brands to break through the competitive clutter and allow their audiences to engage on a whole new level with their brand. Below are a few of the ways Snap allows brands to advertise (see Snap’s full description):
Snap Ads begin with an up to 10 second preview ad that is placed in between friends’ stories. These ads give the option to swipe up to watch/learn more for extended content. Snap Ads are effective as they are shown natively and their swipe-up rate is 5x higher than the average click-through rate on comparable platforms.
Sponsored Geofilters are pieces of art that overlay on users’ Snaps within an advertisers’ chosen location, to explain where, when, and why they took a Snap. According to Snap, “a single National Sponsored Geofilter typically reaches 40% to 60% of daily Snapchatters”.
Sponsored Lenses offer more than just an impression for brands; they offer playtime for users to interact with your brand. Some lenses can add an animation that are triggered by raising your eyebrows or opening your mouth. According to Snap, users “play with a Sponsored Lens for 20 seconds” on average.
Discover Channels are only available for select publishers and media brands to curate and push editorial content for users to explore. These activations cost anywhere from $50K – $100K per day.
Live Stories are compilations of user’s content from big time events. This type of activation allows users to see behind the scenes and give a unique in-the-moment perspective. Many brands are doing sponsored live story takeovers which can cost anywhere from $100K to $500K.
What to Expect from Snap, Inc. Moving Forward
You can expect Snap, Inc. to roll out many new product offerings, like Spectacles. Snap is no longer competing as a social media platform, but rather a video camera company that brings recording and capturing moments to a whole new level. Stay tuned for more launches from this growing company.