Snapchat launched a set of new augmented reality (AR) and machine learning (ML) technologies on Wednesday at the 2024 IAB NewFronts event, with the goal of assisting companies and advertisers in reaching consumers on the social network through interactive experiences.
The company stated that it has invested in machine learning and automation to make it faster and easier for brands to generate AR try-on assets. Over the last few years, Snapchat has collaborated with firms such as Amazon and Tiffany & Co. to allow users to virtually try on various things within the app.
The social network claims it has lowered the time required to produce these AR try-on assets, allowing marketers to easily convert more of their 2D product catalogs into try-on experiences.
Additionally, marketers can now create customized AR advertising using generative AI technology to generate bespoke Lenses. Snapchat tells TechCrunch that with this new feature, marketers may use a simple text or image prompt to develop a unique machine learning model that can add realistic face effects to a Lens. Lenses with ML face effects can then be used to create AR adverts on Snapchat.
Snapchat also unveiled AR Extensions, which will enable marketers to incorporate AR Lenses and filters into all of the app’s ad formats, such as Dynamic Product Ads, Snap Ads, Collection Ads, Commercials, and Spotlight Ads.
The company, which was an early adopter of AR technology, claims that on average, more than 300 million individuals interact with AR experiences on its app each day.
The unveiling of the new tools for brands and advertisers comes only a few days after Snap reported a 21% rise in revenue for the first quarter of 2024 to $1.195 million, owing primarily to enhancements made to its advertising platform. The business also reported that the number of small and medium-sized advertisers on Snapchat climbed by 85% year on year.
On Wednesday, Snapchat stated that it is focused on investing in its ad business and is “encouraged” by the rising demand.
The company also announced that it’s launching a sports channel within Snapchat called the “Snap Sports Network.” The channel will cover unconventional sports, like dog surfing, extreme ironing, water bottle flipping, and more. It will include user-generated content, along with scripted content hosted by Snap Stars.
In addition, Snapchat is expanding its partnership with Live Nation with the launch of a new Snap Nation Public Profile that will feature exclusive behind-the-scenes content from concerts. Snapchat will also curate stories from Live Nation concerts and festivals featuring public posts from users.
