Snapchat is launching sponsored selfie filters, in an effort to draw more revenue from advertisers.
The popular startup, whose valuation is at a staggering $15 billion, will allow companies to take full advantage of the selfie trend, by placing their brands onto people’s photographs.
The “sponsored lenses” will make their debut on Halloween, and will be joining regular filters which the tech company had unveiled on September 15.
The animations that will be superimposed on people’s faces will actually be designed by Snapchat, and it’s likely that Hollywood studios will be among the first customers to sample this new ad format.
Companies will have to pay around $450,000 per day, for making sponsored lenses available to Snapchat’s entire user base. During peak periods, such as Black Friday, Thanksgiving or Halloween the prices will be even higher, at approximately $750,000 per day.
Regardless of these seemingly overblown costs, it appears this new marketing tool will be fully embraced by advertisers, especially since the social media network boasts around 100 million active users on a daily basis.
Moreover, the selfies which will include these filters are usually taken by young people. It is estimated that around 60% of all smartphone users aged between 13 and 34 are Snapchat members.
Those who are part of this age group are a key target audience for retailers due to the fact that they have their own disposable incomes, and they also greatly impact the purchasing decisions of their peers and relatives.
“Sponsored lenses allow Snapchatters to express themselves and connect with a brand in a really creative and dynamic way”, company representatives have declared.
According to projections, the startup could generate revenues of around $100 million per year just from this new venture, since some upcoming partners are already willing to devote $10 million of their budget to such campaigns.
The sponsored lenses appear to be a successor for Snapchat’s brand stories, a more traditional marketing strategy which was discarded by the company back in April.
The initial ads had been launched in October and gave marketers the chance to share photos and videos with users who weren’t among their followers.
Universal Studios had been the first to take advantage of this feature, by sharing a trailer for “Ouija”, a supernatural horror film which was released later that year.
When brand stories were halted, it was revealed that the measure hadn’t been taken due to lack of interest from advertisers, but because the startup wanted a complete overhaul of its promotional tools.
One of these new features was launched in January, and it permits reputable publishers such as CNN and ESPN to post news stories, viewable for 24 hours on Snapchat Discovery.
In addition, the media network also unveiled sponsored geofilters back in June, allowing companies like McDonald’s to advertise their restaurants when users are in their vicinity.
Image Source: Flickr