The Reinvention of Snapchat

Recently, Snapchat held its first partner summit, where they announced the company’s new approach to stand out from competitors like Instagram. Very interesting, since a lot was introduced; the goal of all the new features is to retain users longer, leaving more room for ads, which should result into making the app more attractive for companies to use as an advertising platform. Ultimately, however their main goal remains, above all, attracting new Snapchatters.

So, what is new in a nutshell?

· Snapkit including App Stories, Login kit, Creative kit and Ad kit

· Next level Augmented Reality with new Lenses

· Expansion of series on Snapchat with Snapchat Originals

· Gaming with your friends on Snapchat Games

Curious what everything means? Then quickly read on for more information and the opportunities for companies!

Snapkit

The Snapkit consists of multiple integrations outside of Snapchat. For example, you can share Stories in other apps such as Tinder (App Stories), you can share what you are watching on Netflix on your Snapchat Stories (Creative Kit), you can also use your Bitmoji on other platforms (Bitmoji Kit), you can log in on other apps with your Snapchat account (Login kit) and Snapchat ads are displayed in more places than just in-app (Ad kit).

Augmented Reality 2.0 with new Lenses such as Landmarks and Calculator

Snapchat Lenses are one of the most iconic features of the platform. Snapchat was the first with this and is known for it: remember the lens that allows you to puke a rainbow? The newest lenses are those with which you can play games with your face (Snappables). Next level, you might think, but during the summit it was announced that the Augmented Reality aspect will be lifted to an even higher level:

Not only faces will be transformed, the new AR function also makes it possible for 'Lens Creators' to make hands and body scannable. Iconic buildings and monuments are also decorated by a Lens (Landmarkers). Another interesting aspect is the possibility to scan a product, which will lead you directly to a similar product on Amazon. There you could buy the product directly. The only thing Snapchatters has to do to use the functions is to open the app and scan around it.

Watching Series on Snapchat with Snapchat Originals

Snapchat had already started offering exclusive series that could only be seen on the platform. An episode takes around 3 to 5 minutes and is completely focused on vertical video. Snapchat is the first platform that focuses entirely on this type of content. The platform indicates that the number of viewers of the Shows has tripled during this 'test phase'. That is why the Snapchat Originals that were already available will be continued and a whole bunch of new series will be added, including documentary and comedy series and 'teen dramas'. These series are made in collaboration with partners, which also means that the advertising revenue is shared by the platform and the partner.

Gaming with your Friends on Snapchat Games

As mentioned earlier, Games were already available with the help of a Lens. However, you didn't play this 'literally' together because you tried to get a high score per turns. With Snap Games you enter a whole different world; you can play a game with several friends at the same time via the Chat bar. It is an in-app function that offers different games without having to install anything. Six games are offered, one of which is similar to the well-known Mario Party, but with users' Bitmojis.

What are the Opportunities for Companies?

Snapchat is perhaps the most innovative social media channel of all. That is why the features are also stolen by the big Facebook giant. But the young platform doesn't seem to care; it continues to innovate and bring unique functions to the market. But what do the new functions offer companies?

More time in-app = more ads = greater reach

The purpose of these new features is to let Snapchatters spend more time in the app. And more time means more time for advertisements, which means that advertisers can create a greater reach on the platform.

In-between games is offered to view a 6-second ad in exchange for special bonuses such as coins or power-ups, which gives you an advantage in the game. Ads are also placed in episodes of Snap Originals, which leads to more views for advertisers. Because the number of users is hardly increasing, Snap Audience Network offers advertisers the opportunity to reach even more people from your target group, but also outside of Snapchat.

In addition, it is now easier to create a Lens in the Lens Studio of Snapchat. In consultation with Snapchat you could create a branded Lens. Thanks to the new additions, this now offers more opportunities than just a crazy face filter or Geo Lens. Lens Creators now also has more insight into statistics with Creator Profiles, so you can see how often the Lens has been used.

Personal Opinion

Personally, I find it quite interesting how Snapchat provides good efforts in order to innovate, even though it’s facing heavy competition from Instagram. I am not sure if these new features will really provide ‘great’ opportunities for companies, but I am convinced that it will attract and retain more users.

So what do you think of the new Snapchat features? And do you think they are very innovative to achieve their goal?

Until next time!

Sources: The Next Web & The Verge

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