The new Snapchat try-on Lenses feature thousands of Amazon Fashion’s popular VTO eyewear products, enabling Amazon brands to leverage their Amazon AR assets and showcase styles in a fun, interactive experience to millions of Snapchatters. In the to-be-reported quarter, Snap announced partnership with Amazon AMZN Fashion partner to bring millions of Snapchatters new virtual try-on (VTO) experiences, expanding augmented reality (AR) for both brands and customers. SNAP has been focused on continuously adding innovative features like Lens Studio 2.0, Camera Kit, Snap Minis and Bitmoji for games, making Snapchat more attractive for users and advertisers. The Custom Camera Color Borders feature lets users cast their favorite hue on screen while capturing content. The new Custom Notification Sound lets users set different tones for different friends. This feature sets Snaps on your story to expire after one hour or up to one week.
On Oct 20, Snap announced new features for its premium subscription service, Snapchat+, including Custom Story Expiration.
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The Snapchat+ subscription service, with exclusive, experimental and pre-release features, reached more than 1.5 million paying subscribers in the third quarter and is now offered in 170 plus countries.
Moreover, Snapchat+ premium subscription service has gathered initial success, which is expected to have aided top-line growth. The Zacks Consensus Estimate for fourth-quarter global DAUs is currently pegged at 376 million, indicating growth of 17.9% from the year-ago quarter level. DAUs at the end of the third quarter were 363 million, up 18.6% year over year. In the third quarter, Snapchat’s subscriber growth, reflected by DAUs, increased 57 million on a year-over-year basis. The growing adoption of Snapchat among the Gen Z (13-24 years) population is expected to have driven Daily Active Users (DAUs), thus expanding the company’s advertiser base. Snap has been benefiting from a spike in the usage of Snapchat.
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