Snapchat owner stocks soar as company embraces AR
While Covid-19 pandemic may have left many businesses struggling to keep the lights on, it is a different scenario with Snapchat’s parent company Snap Inc as it has seen its revenue and users grow amid coronavirus pandemic.
According to CNET, the American multimedia messaging app developer added to its number of daily users and raked in more revenue than expected in the third quarter. This performance fueled by people using the platform to stay in touch with family and friends during the coronavirus pandemic.
"Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time. We're excited about the growth of our business in Q3 as we continue to make long-term investments in our future," Snap CEO Evan Spiegel said in a statement Tuesday.
"The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us."
Spiegel added that businesses have been more open to experimenting with augmented reality to drive sales because stores aren't as widely accessible anymore because of the pandemic.
This month, Snapchat launched a feature called Sounds that allows iPhone users to add music to their photos and videos. The company is testing a way for users to add their own sounds to their snaps. Snap has also been investing in original shows in addition to augmented reality.
Users will also get to choose from various well renowned songs from Warner Music Group and other similar corporations. The feature will also allow viewers to swipe up on the video for details on the song