Snapchat has over 100 million users worldwide. In India, about 10% of the internet and mobile device users use snapchat. Though the Indian digital savvy crowd is yet to catch up snap chat, it is likely that the application is on the verge of becoming the next big channel of communication among the 402 million internet users.
Though the app was launched to emulate face to face conversation, the platform enables the registered users to exchange pictures as well. The video chat application has become quite popular and is considered to be one of the fastest growing applications in the world.
As of now, the platform is dealing directly with the brands attempting to grow its hands-on ad business. Two years ago, snapchat started selling ads at $75,000. Many advertising and digital marketing agencies found the pricing to be too high and perceived the platform to be unfriendly for advertising. However, last year the company announced a “2 pennies ad products”. This product allows you to post short durations ads that cost 2 cents per view on snapchat’s “Discover” platform.
Snapchat, according to the “digital daily” has recently started to develop an ad technology platform. It seems to be following what facebook and Instagram did initially; building a sales network that can readily connect with the agencies and the brands. It took a while for Facebook to open up to the advertisement business. Initially, Facebook shied away from ads and maintained that it was an individual communication platform. Now facebook accommodates ads more than any other platform.
“The Global web index” survey reports claim that the snapchat is the fastest growing application in the world. The platform is pushing the video interactive system which is ideal for the companies to promote their advertisements. Snapchat has great potential to create a lucrative business model through ads. Similar to Facebook and Instagram, snapchat needs to build its technology to help its clients personalise its targets.