Snapchat has been struggling to catch a break among advertisers for a while now, and its annual Snap Partner Summit held in Santa Monica, California was the platform’s opportunity to reset the narrative.
Snap’s Revenue Share Program:
Snapchat has been testing an early pilot of the revenue share program with a group of creators globally with mid-roll ads that creators have added to their Snap Star Public Stories. More creators can now join the program. Creators who have a minimum of 50,000 followers, 25 million monthly Snap views and post at least 10 Stories per month, are eligible to join the rev share deal. This is Snap’s first entry into the rev share pond.
Public Stories on Snapchat:
Snapchatters aged 18 or older will now be able to post their own public stories, allowing any Snapchatter to become a creator on the platform. Prior to this, public stories were geared toward top-performing creators and brands only.
Snapchat’s AR Enterprise Services:
Snapchat launched its AR Enterprise Services (ARES) and its first offering, the Shopping Suite, on March 23. The product is designed to “bring together our AR and AI technology into a new cohesive service to help businesses improve brand loyalty, decrease product return rates, and differentiate in a competitive environment.”
Snap’s New Features:
Snap teased a new feature, AR Mirrors, which will allow users to virtually try on products. Snapchat is becoming an all-in-one platform across all niches: shopping, creators, AI.
Snapchat’s Ongoing Troubles:
Spiegel and his team did not speak to advertisers’ issues over its perceived small user base, while advertising on the platform isn’t always as effective as it once was, thanks to Apple’s ATT implementation.
Overall, the event showcased Snap’s latest innovations in AR and AI, as well as introduced new creator tools to a room of partners, creators, and marketers. Snapchat’s revenue share program and the public stories feature are positive news, but it doesn’t bode well for smaller creators. The platform’s ongoing troubles with its perceived small user base and advertising effectiveness continue to be a challenge for the company.