Snap is likely feeling the pressure to innovate as competitors like Facebook continue to borrow Snap chat features. Instagram Stories, which only launched in August but reportedly has a daily active user base to rival Snap chat’s, is apparently siphoning off some of the platform’s talent and audience. Snap was an early leader for social AR technology and more robust offerings might increase its value and appeal.
Snapchat continues to roll out new features and app updates in advance of its initial public offering of stock, which is expected for March. Sponsored Lenses is an ad format that brands have taken to even though the ads only last 24 hours and are fairly expensive, with a standard ad costing $450,000, a weekend ad costing $500,000 and sponsored Lenses for special events and holidays costing $700,000 or more, according to reports.
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