Called My Places, the new feature in Snap Map allows users to keep in touch with people they care about and connect in real life, the post stated.
Snap’s second quarter revenues boosted by 116 percent, and its tally of active users was also up by 23 percent, sitting at 293 million, PYMNTS reported earlier this month. These have been the biggest gains since the company’s 2017 initial public offering (IPO). This was also more growth than the company’s social media giant rivals Facebook or Twitter posted.
CEO Evan Spiegel said the company was “pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world.”
Aside from Snap’s big boost in daily users, the company also saw quarterly revenue at $982 million, a boost from the $846 million from analysts’ pre-earnings estimates.
Snap also saw a boost in content submissions, with the average daily amount more than triple. And the company has added more ways for creators to monetize, with new add-ons like Gifting with Snap Tokens, allowing creators to build more relationships.
In addition, Snapchat has partnered with Verishop to debut a new social commerce experience in which Verishop Mini, operating within Snapchat, will let consumers buy into more of a selection of fashion and beauty brands, with the Snapchat augmented reality (AR) feature letting customers virtually sample products before buying them.