Snapchat Accelerates AR and ML Innovations for Brands and Advertisers
Snap Inc., the parent company of Snapchat, recently unveiled a suite of new augmented reality (AR) and machine learning (ML) tools at the 2024 IAB NewFronts event. This innovative move is designed to enhance the reach of brands and advertisers on the social network by offering interactive experiences to users.
Revolutionizing AR Try-On Experiences
Snapchat has been consistently investing in ML and automation to expedite the creation of AR try-on assets. The company’s collaborations with brands like Amazon and Tiffany & Co. have previously enabled users to virtually try on a variety of products within the app. With the latest improvements, Snapchat has now streamlined the time it takes to create AR try-on assets. This means brands can rapidly convert more of their 2D product catalogs into interactive try-on experiences, further enhancing user engagement.
Branded AR Ads with Generative AI
Brands can now also leverage generative AI technology to create branded AR ads. This innovation allows brands to supply a simple text or image prompt that generates a unique ML model capable of adding realistic face effects to a Lens. These Lenses with ML face effects can then be used to create compelling AR ads on Snapchat, further pushing the boundaries of brand-user interaction.
Integrating AR Extensions
The social media giant has also introduced AR Extensions. This new feature enables advertisers to directly integrate AR Lenses and filters into all of Snapchat’s ad formats. These formats include Dynamic Product Ads, Snap Ads, Collection Ads, Commercials, and Spotlight Ads. This integration facilitates the creation of highly immersive and interactive ads, potentially driving higher engagement and conversion rates.
Snapchat: A Pioneer in AR Technology
Snapchat has been an early adopter of AR technology, with over 300 million people on average engaging with AR experiences on its app every day. Following the launch of these innovative tools, the company reported a 21% increase in its Q1 2024 revenue, amounting to $1.195 million. This substantial growth is primarily attributed to the improvements made in its advertising platform. Additionally, Snapchat saw an 85% YoY increase in small and medium-sized advertisers on its platform.
Investing in Ad Business and Exploring Novel Ventures
Snapchat has expressed its commitment to further invest in its ad business, encouraged by the increasing demand it’s witnessing. In addition to these advancements in AR and ML, Snapchat announced the launch of its sports channel, the “Snap Sports Network.” This channel will cover unconventional sports and feature both user-generated and scripted content. Also, Snapchat is expanding its partnership with Live Nation by launching a new Snap Nation Public Profile, which will offer exclusive behind-the-scenes content from concerts, further enriching the user experience.
The new advancements in AR and ML by Snapchat signify a significant leap in the realm of social media advertising. It’s clear that the future of digital advertising will be characterized by immersive, interactive, and personalized experiences that AR and ML technologies can provide. As brands and advertisers adapt to these innovations, it is exciting to see how these tools will shape the future landscape of digital marketing.
