Snapchat shot down its selfie drone

by time news

Time.news – After saying it would significantly cut hiring, invest in advertising, and try to find new sources of income, Snap, the company that controls Snapchat, the pop-up messaging service, further tightens its belt and gives up developing Pixy, the drone he launched just four months agoin April.

To reveal the plans of Evan Spiegel’s company is the Wall Street Journal, which came into possession of some communications from the CEO himself to employees. The Pixy is a small and light drone and has been designed to be more accessible than other drones– Launches directly from the palm of your hand and is capable of producing videos that sync with the Snapchat app so you can share them. Snap had already tried to enter the hardware market, with the launch, in 2017, of the Spectacles, glasses with integrated cameras. With non-positive results.

In an effort to find new sources of income, in a context of recession and decline in advertising revenue, Snap launched the premium version of Snapchat in June. A choice that, according to reports from the company in recent days, has convinced a million users to subscribe to the service.

In July, the company’s quarterly report certified this situation: the company missed its revenue targets, but registered user growth exceeding Wall Street expectations.

“We are not satisfied with the results we are achieving, regardless of the current headwinds,” Snap said in preparatory remarks prior to a conference call with analysts. Second quarter revenue stood at $ 1.11 billion, with an increase of 13% over the previous quarter. Daily active users on Snapchat increased 18% from the previous year, reaching 347 million and beating estimates of 344 million users.

Investors are expecting the slowest pace of growth ever for social media advertising revenues this year, as growing competition from TikTok and Apple in advertising could exacerbate economic conditions.

You may also like

Leave a Comment