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LEARN MORESnapchat Announces New Partnerships And Features — But Is It Enough?
Snapchat's new partnership with Time Warner snagged it $100 million, but it's still struggling to keep up with its competitors.
Snapchat Announces New Partnerships And Features — But Is It Enough?
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June 21, 2017
Snapchat is taking on television, but as an app, it's struggling to stay on top.
On Monday, The Wall Street Journal reported Time Warner invested $100 million into a partnership with Snap Inc. The deal will commit the companies to 20 original shows within two years. Those shows, to be announced in the future, will air on Snapchat's platform.
Time Warner isn't the only media company to broadcast on Snapchat. Back in March, NBCUniversal signed a deal with Snap Inc. to broadcast the 2018 Winter Olympics. The app has also been broadcasting NBC's "The Voice" for the last year.
The Time Warner partnership isn't the only new thing coming to the social media platform.
Shortly after news of the deal broke, the tech company unveiled "Snap Map." The new feature broadcasts users' locations to correspond with their Snapchat stories.
The new feature indicates the company's efforts to grow its userbase through unconventional methods. Last fall, Snapchat debuted limited-edition "Spectacles" for similar reasons.
But these new features and partnerships come at a time when Snapchat is struggling to stay relevant.
In the last two months, downloads for the app fell by 22 percent, and the company's stock price fell back down to its original IPO price.
If that's not enough to sting, Instagram Stories — a major competitor to Snapchat Stories — hit 250 million daily active users. That's almost 100 million more than Snapchat's last count.
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