Snap Inc (NYSE: SNAP), the company behind Snapchat, Bitmoji, Spectacles, and most recently Zenly, has announced a new location-based option and is enjoying a slight rise of stock prices afterward.
The “Snap Map” feature on SnapChat lets users select posts from certain locations on the map and see the locations of their friends. The features have similar functionality to those of the French application Zenly, which Snap Inc quietly acquired for an undisclosed cash amount up to $350 million, reported Tech Crunch.
Since it’s IPO in March, Snap stock prices have been declining but it did see some upward trending after announcing the new feature, although this isn’t expected to last.
Unfortunately for Snap, other social media platforms like Instagram and Facebook have been duplicating the features of Snapchat, like the short, temporary videos and augmented reality filters that made the platform unique. Snapchat has not been innovative enough to stay competitive against the social media behemoth that is Facebook, which also owns Instagram.
Before this latest update, Snapchat did have some location-based content, mostly surrounding concerts and sporting events but with the expansion of “Snap Maps” the company can offer more location specific advertising options for purchase by advertisers.
Overall Snap Inc shares are down 28.39 percent and have been continuously falling since the days following its IPO. Its nearly 166 million daily users have not been a match for Facebook’s 2 billion monthly users and Instagram’s 700 million users. Unless it can continue offering distinct new features like “Snap Maps”, either to entice users or attract advertisers, the recent uptrend of stock prices is unlikely to continue.
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