In order to improve ad sales, Snapchat is bringing together its biggest influencers and advertisers to help improve ad quality on its platform. The new initiative is called Snap Storytellers, and it will be including the brands top 5 influencers including Mplatco, Cyrene Q, Shonduras, Geeohsnap and Georgio Copter. As part of the program, these influencers will not only be appearing in the ads but will also provide their expertise in designing them.
While ads are universally hated, the ones on Snapchat are also said to be poorly designed. Brands and advertisers are known to often stick to simple photos and texts ads on the platform, which aren t that appealing. Snapchat hopes that businesses will finally be able to crack that code with the help of its most celebrated influencers. If it all works out, Snapchat might also be able to convince brands to spend more money on the app.
As reported by TechCrunch, Snapchat will not be taking a cut out of these deals. The company states that the mentioned influencers will simply be added to its Creative Partners list, along with other ad agencies and creative studios. In an event where an advertiser shows interest in employing a creator, Snapchat will simply play the middleman and introduce the two parties to work out a deal. While doing this, creators will not get bogged down with any exclusive contract with Snapchat or any other businesses.
On the other hand, the program will also help Snapchat to keeps its influencers loyal to the app. This is also a challenge for the company, as social media influencers are bound to choose a platform that can help bring in returns for their efforts. Moving forward Snapchat might even get more creators on-board.
In hindsight, however, Snapchat seems pretty late to the party. Both YouTube and Facebook already have programs setup that help creators make money on their network. Facebook has recently launched its Brand Collabs manager, which makes it easy for brands and advertisers to find creators based on their audience demographics.
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According to a TechCrunch report, Snapchat has lost about $365 million (approximately Rs 2,444 crore) last quarter and has missed its revenue target by $14 million (approximately Rs 96 crore). The app has also experienced its lowest ever growth rate recently which is only 2.9 percent. All of this suggests that the company needs to find new ways to gain revenue. For now, the company is placing its bets on creative ads.