Snapchat introduces Story Kit and Ad Kit

Facing stiff competition by mainly the likes of Facebook, Instagram, and WhatsApp, it seems that Snapchat has finally figured out a way to come back on top of the “Stories” regime.

Snapchat was the first social media platform to introduce the concepts of Stories and Virtual Avatars in the form of Bitmojis. Soon, it witnessed an exponential increase in its user base but has soon leveled off at 186 Million total daily users as compared to 2 billion Stories’ user across Facebook, Instagram, and WhatsApp.

In the¬†Snap Partner Summit that concluded earlier last week, Evan Spiegel, co-founder, and CEO of the “Camera Company”, shared the company’s plan on gaining back the lost traction.

Just like Facebook holds his monopoly in terms of popularity of the Like Button, Snapchat intends to do the same with its stories. This is where the New Story Kit and Ad Kit comes into play.

Story Kit

Source: Snapchat

The new Story Kit will embed the App’s stories into third-party applications like Tinder and Houseparty. So now, your stories can aid in the seduction of your potential matches over Tinder and perhaps earn you a right swipe. Outside of the video chat view, the HouseParty app will now let you see what your group friends are up to by displaying a Snap’s Story Carousel. Instead of having other companies build an altogether new Snap Stories’ ripoff and thus potentially biting a share out of the user base of Snapchat, this move by SnapChat not only reduces the cost of development but also, provides the top-notch Stories’ environment with which everyone is already familiar with. Snapchat aims to collaborate with as many platforms as possible before Facebook starts copying its idea. This move from Snapchat is even more prudent in light of the Facebook Avatars which has been in development for over a year and shares complete similarity with Snap’s Bitmojis.

Tinder Snapchat Stories
You can now add Snapchat stories to your Tinder profile Source: TechCrunch

Ads Kit

Snapchat's New Ad Platform
The New Ads Kit will increase the scope for monetization on Snapchat
Source: TechCrunch

Soon Snapchat will allow its partners to make use of its preexisting fullscreen vertical ads and earn an undisclosed revenue share. For now, Snapchat is not putting any ads in the stories that will be shared on other apps but it’s a high possibility that it will and perhaps sharing some of the ad revenue with the hosting platform. It’s a win-win situation for both the corporations involved.

Snapchat aims to collaborate with as many platforms as possible before Facebook starts copying its idea. This move from Snapchat is even more prudent in light of the Facebook Avatars which has been in development for over a year and shares complete similarity with Snap’s Bitmojis. In view of this language, Snapchat is also teaming up with VSCO, Netflix, GoFundMe and Anchor, providing a way for their articles to be shared on¬†Snapchat.

Bitmoji Party
Snapchat introduces Bitmoji Party which potentially could be a new revenue stream. Source: TechCrunch

Last week, it also debuted its live multiplayer game which you could play while texting your friends in real time, much similar in terms of ideology found in the Facebook’s Messenger Games. This comes with the acquisition of PrettyGreat, an Australian Game Studio with the same people who built the popular Fruit Ninja. The games are far more immersive than their counterparts on Facebook Messenger and allow for much greater extents of monetization by introducing skip-able ads that would provide in-game benefits.

The company aims to make it easier to cooperate with them rather than copy them and with this clear message to its competitors, we must expect a lot more out of Snapchat this 2019.

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