Snapchat Announces New Shows Entertaining Enough to Win Users Over to the App
On Wednesday, Snapchat announced the new scripted shows for its photo messaging app. The social media application is expected to launch this feature this fall and shake hands with with Hollywood production companies and writers in hopes of prevent users from leaving the application.
Snapchat’s shares have fallen 52 percent since the beginning of the year as the application has struggled to attract new users, as compared to its rivals Facebook and Instagram which have introduced Snapchat-like features on its own apps. This has been due to Snapchat’s recent app redesigns that had many users confused.
The serialized shows will have new episodes updated daily, and will also include a documentary series called “Growing Up is a Drag,” about the coming-of-age of teenage drag stars, produced by Bunim/Murray. The production company behind the hit reality television show Keeping Up with the Kardashians.
Snap stated that the episodes will be as short as five minutes, with each show having a page where the viewers can easily find any episode they want to watch.
The episodes, like Snapchat’s existing shows, will include six-seconds of advertising that are unskippable.
Earlier last week, a leaked video of the Snap Chief Executive, Evan Spiegel made goals to reach full-year profitability by the year 2019 by attracting more older users. He also added that the redesigned Android app will be able to better serve emerging markets.
Michael Nathanson, an analyst with MoffettNathanson, stated on Tuesday that Snap was falling “woefully short” of its goal to be profitable, estimating the company will lose more than $1.5 billion by next year.
On Tuesday, Snapchat’s shares declined almost 3.0 percent after Nathanson’s note.