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Snap Upgrades Geofilter Feature, Enables Easy Customization

Snap Inc SNAP has updated its “On-demand Geofilter” feature. Users can now create their own custom geofilters inside the app.  Earlier, users had to go to Snap’s online design studio to create custom geofilters.

In a blog post, Snapchat stated that to customize filters, users simply need to access the new mobile creative studio now available on the “On-Demand Geofilters” tab in the Settings.They can create the filters (which can cover an event/entire block for an hour or up to ninety days) and submit the same for confirmation about payments and details. Moreover, text, bitmojis and Stickers can be added to the filter to give it a personal touch, added the blog post.

Launched in 2014, Snapchat’s geofilters are location tags that can be superimposed on photos and video posts.  The starting price of the latest customization feature will be $5.99.

Snapchat has been looking to develop newer revenue avenues and chargeable custom geofilters could develop into a strong revenue stream. The company has stated that it receives “tens of thousands of Geofilter designs” pertaining to engagements, weddings, parties, vacations, graduations and more, every day.  This should bode well for top-line growth.

Snapchat is looking for ways to boost user base/ revenues as its rivalry with Facebook’s FB Instagram heats up. Recently, Instagram’s feature, Instagram Stories – a blatant rip-off of Snapchat feature – was reported to amass 250 million users, with 50 million added only in the last two months.

On the other hand, Snapchat’s total daily active users (DAUs) stand at 166 million. Notably, it added only 5 million DAUs in fourth-quarter 2016 as well as last quarter, which happens to be the lowest since third-quarter 2014. User growth holds the key to attracting advertisers, which is the primary source of revenues for Snap. A slowdown in user base growth rate may look unattractive to advertisers.

Snap is trying hard to win over both users and investors. Snapchat recently launched Snap Map, a feature that will help users keep a tab on their friends and the party circuit. It is based on its latest acquisition – Zenly, a French social map app. Snap is said to have shelled out $250–$350 million for the app.

In addition, to boost engagement levels, the company has been focused on boosting the TV-style content on its platform. Snap has inked deals with Walt Disney’s DIS ABC Network, Comcast’s NBC Universal, Vice Media, BBC and more. Recently, it inked a $100 million content deal with Time Warner Inc TWX to create 10 shows for its platform across various genres.

Also, in order to woo advertisers, the company recently acquired Placed, a start up specializing in measuring success of digital ad campaigns.

Zacks Rank & Share Price Movement

At present, Snap carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Since Mar 2, the company’s shares have declined 27.5% against the Zacks Internet Software industry’s gain of 8.7%.

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