Social platform, Snapchat is making a big push into interactive advertising with new augmented reality (AR) and machine learning (ML) tools designed to enhance the user experience for brands and consumers alike.
Snapchat announced investments in ML and automation, at the 2024 IAB NewFronts event on Wednesday, to facilitate the creation of AR try-on experiences.
Building on successful collaborations with brands like Amazon and Tiffany & Co., Snapchat is reducing the time it takes to develop these features, allowing brands to quickly change their existing 2D product catalogues into interactive try-on experiences within the app.
The introduction of generative AI technology enables brands to create custom AR ad experiences. Using a simple text or image prompt, brands can generate a unique machine-learning model that adds realistic face effects to Snapchat Lenses. These AI-powered Lenses can then be incorporated into AR ads on the platform.
The company is also introducing AR Extensions, allowing advertisers to seamlessly integrate AR Lenses and filters directly into all its ad formats. This includes Dynamic Product Ads, Snap Ads, Collection Ads, Commercials, and Spotlight Ads.
The launch of these new tools follows Snapchat’s recent Q1 2024 earnings report, which revealed a 21% year-over-year revenue increase to $1.195 million. This growth is largely attributed to improvements made to the company’s advertising platform.
Furthermore, Snapchat reports an 85% year-over-year increase in the number of small and medium-sized businesses advertising on the platform.
Beyond advertising, Snapchat is also diversifying its content offerings with the launch of the “Snap Sports Network” channel. This unique platform will focus on showcasing unconventional sports like dog surfing, extreme ironing, and water bottle flipping.
User-generated content will be a key component, alongside scripted content hosted by popular Snapchat personalities (“Snap Stars”).
Additionally, Snapchat is expanding its partnership with Live Nation. A new “Snap Nation Public Profile” will give exclusive behind-the-scenes content from concerts.
Live Nation concert stories curated by Snapchat will feature public user posts, further enriching the concert experience for fans.
