The Snapchat Renaissance of 2023May 23rd, 2023 by Socially Powerful
Snapchat slipped off the map slightly in the past few years, but new Snapchat updates have given the platform a new lease of life.
With Snapchat updates including new monetisation features for Snap creators, a brand new AI bestie, larger options for discovery and sharing, and more interactive marketing features, Snapchat is set to become a dream for users, brands and creators.
Snapchat Updates: Engagement insights
As of 2023, Snapchat has over 383 million active users, and over 350 million Spotlight users, which is also showing a 170% uplift in annual viewership.
The audience is still skewed towards younger audiences, with the majority aged between 18 and 24, but this can climb up to 35.
But what are the updates the platform has implemented to keep this number climbing, and more importantly, will they work?
Snapchat Updates: Creator
Creator monetisation: Crystals
Snapchat’s update for creator monetisation has made the platform become a creator favourite, attracting some of social’s biggest names. Snapchat’s Snap Stars revenue stream reportedly splits revenue 50/50—a significantly more lucrative split than other platforms offer.
Creators within Snap Stars are paid in Crystals—the exchange rate works out to $1 to 10 Crystals, and can be paid out once a creator has earned over 1,000 Crystals (or $100).
Snapchat also allows Stars to earn through gifts. This is where users essentially tip their favourite creators by sending sticker-like or filter gifts, to even more expensive items like Bitmoji outfits and Lenses. Users need to purchase Snap Tokens in order to send virtual gifts.
Stories Revenue Share Program
Creators with over 50K followers, 25M views, or 12 hours of view time are eligible for Snapchat’s Stories Revenue Share Program. Creators within the program can place ads within their Stories, generating recurring revenue.
The Program allows users over 18 to share their Story content with friends and a wider audience from one account, and even schedule Stories to go live at any time. Scheduled Stories is particularly useful given Snapchat’s new feature of tagging locations.
Snapchat Updates: New features
One of Snapchat’s newest features is MyAI—an artificial intelligence bestie for Snapchatters. The tool can hold a conversation, help you find gift ideas, answer trivia, and more. Users can start a chat with the bot just as they would with a real friend.
Snapchatters can even bring their AI into group chat conversations by @’ing them, and asking questions on behalf of the group.
The bot was initially only available to Snap+ subscribers, but has since rolled out to all users. The bot has gone viral on multiple other social platforms for people posting funny conversations, but also for safety concerns.
The AI bot is still learning and developing, and runs on a custom version of AI tech provided by ChatGPT’s maker OpenAI. The bot can often switch from responsible adult to mischievous friend within the same conversation.
After Dark is Snapchat’s edited version of BeReal. It’s where users can make and send content to their friends after 8PM, but recipients can only view the content after posting their own Story. The feature was added to allow users to create a space to “relive last night’s escapades.”
This feature can not only be used by Snapchatter, but brands. Brands could post exclusive After Dark discount codes and deals to their most loyal fans.
Snapchat Updates: Marketing opportunities
AR Enterprises Services (ARES)
ARES allows brands to use AR tech to enhance brand experiences for users through the Shopping Suite. Through the Shopping Suite, users can access three AR elements; the 3D Viewer, AR Try-On, and the Fit Finder. Tools available within the Shopping Suite work in tandem to provide bespoke virtual shopping experiences for brands and users.
Snapchat has been at the forefront of AR tech since its conception. ARES has made third-party integrations seamless, offering a fluid shopping experience to users that brands can leverage. AR tech makes shopping interactive and fun for users.
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