Snapchat unveiled several new machine learning (ML) and augmented reality (AR) technologies on Wednesday at the 2024 IAB NewFronts event, intended to assist marketers and businesses in reaching social network consumers with engaging experiences.
According to the firm, it has invested in machine learning and automation to enable companies to produce AR try-on assets more quickly and simply. In recent years, Snapchat has partnered with retailers such as Tiffany & Co. and Amazon to allow users to digitally try on various items within the app. According to the social network, it can now produce these AR try-on assets faster, enabling companies to convert more of their 2D product catalogs into try-on experiences.
Plus, companies can now use generative AI technology to build branded AR advertisements that include personalized lenses. Snapchat informed Eltrys that businesses may use this new feature to create a special machine learning model that can provide lifelike facial effects with only a text or picture suggestion. Snapchat AR advertising may also have lenses with similar ML facial effects.
Along with the announcement of AR Extensions, Snapchat will let marketers include AR Lenses and filters into all of the app’s ad formats, including dynamic product ads, snap ads, collection ads, commercials, and spotlight ads.
Because the firm is an early adopter of augmented reality technology, it claims that, on average, over 300 million users use its app to interact with AR experiences every day.
Only a few days ago, Snap announced that its revenue for Q1 2024 climbed 21% to $1.195 million, largely due to enhancements to its advertising platform. The business also disclosed that there were 85% more small and medium-sized advertisers on Snapchat compared to the previous year.
According to a Wednesday statement, Snapchat is “encouraged” by the growing demand and is concentrating on developing its advertising business.
The business also said that it would be introducing the “Snap Sports Network,” a sports channel on Snapchat. The channel will cover unconventional sports such as dog surfing, extreme ironing, water bottle flipping, and more. Snap Stars will present scripted material alongside user-generated content.
Snapchat is also deepening its relationship with Live Nation by introducing a new Snap Nation Public Profile, which will include unique concert behind-the-scenes material. Snapchat will also compile user-posted tales from Live Nation events and concerts.
