Snapchat is one of the youngest new age social networks but has already amassed quite a following with over 200 million active users who post over 700 million snaps a day and watch over 7 billion videos a month.
You may look at the statistics and have the feeling like the company is making loads of cash, not exactly. See, Snapchat is what is regarded as a Unicorn Startup which means that it is valued over $1 billion ($16 billion in this case) and its revenue is not as high as it should be for a company of its size. It has tried to rectify this by announcing the Discover page on its app for content creators to showcase their content, 3V advertising, charging for Lenses and number of times you can view a Snap.
In its quest to fully monetize the platform, the company announced a new product called on-demand geofilters. Geofilters are one of the idiosyncratic features of the site where you can choose the preset overlays on your photos or ones that solely appear when you turn on your location to give the snap an interesting look.
These new “On-Demand Geofilters” are custom geofilters that businesses or individuals can create for their business, event or for a specific location. Unlike the community geofilters, brand logos are permitted. It requires a bit of knowledge of design to come up with the geofilter then you upload the design, create a geofence for the geofilter, choose its duration and finally pay for it.
TechCrunch also revealed extra information where the minimum size of these geofences is 5000 square feet and can go as far as 5 million square feet. In addition, the minimum time these geofilters can exist is 30 minutes and the pricing starts at $5 a piece. The process is described by the video posted by SnapChat on their YouTube account.
This is a cool way of advertising your content out there to the millions of Snapchat users. For brands, they will also be able to view the analytics from their geofilters which includes the number of views and how they were used.