Snap Partner Summit marked the launch of AR glasses that won’t be available commercially but only for AR creators. Using a dual 3D waveguide display and 2.63 degree field of view, snap lenses can be projected onto real surroundings. Powered by a Snap Spatial Engine, it can last for 30 mins with a single full charge. It has 2 RGB cams, 4 in-built mics, 2 stereo speakers, a touchpad, a scan button, a voice scan feature, and a left button to capture 10-second snaps.
Snap, later this month, will launch a marketplace to connect snap creators, lens creators, and AR creators with businesses to help them improve influence and increase reach through video content. It has 1.5 mn lenses created to date and plans its support to all creators by 2022. Fund of $3.5 mn has been allocated for AR lens creation. Snapchat has 280 mn daily users, of which 200 mn interact with AR on a daily basis. Over 90% of US users are between 13 to 25-years of age.
India’s Mohalla Tech, known for its social media platform ShareChat and the short-video app Moj, has raised $502 mn from investors led by Lightspeed Ventures and Tiger Global at a valuation of over $2.1 bn. Combined users of the 2015 founded start-up are 280 mn. Snap and Twitter also participated in the latest round. Sharechat, Moj, and other similar platforms have benefitted from the Indian government’s decision to ban several Chinese apps.
Snap hits a $100 bn valuation following rising usage and a rebounding market for digital ads. The app’s active users soared to 265 mn in Q4 2020, which is 22% up from the same period last year. The revenue growth for this year is expected to accelerate from 46% in 2020. There is ample room for its revenue to grow, thanks to products like Discover, Maps and Spotlight. The company is now worth more than four-fifths of companies in the S&P 500 Index.
Facebook Inc and Snapchat owner Snap Inc, reportedly, held talks with TikTok rival Dubsmash. The two firms are no longer in deal talks, the report added. While Dubsmash was not immediately available for a response, Facebook said it would not comment on market speculations. “We admire the team but aren’t in active talks to acquire,” a Snap spokesperson said. Both Snap and Facebook, according to the report, approached Dubsmash for a deal.
Snap Inc, the parent company of Snapchat, has pledged to double the number of women staff and minorities in its tech teams. Women staff account for 32% of Snap’s global workforce in 2019 but only 16.1% are in its tech teams. Until now, the firm said, the gender balance in its tech teams was low; it will double the women staff in tech teams by 2023. The number of underrepresented racial and ethnic minorities in the US will also be doubled by 2025.