Snap's Legal Woes, AR Wins, and a New Safety Feature Amid Mixed Headlines
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Snap's Legal Woes, AR Wins, and a New Safety Feature Amid Mixed Headlines
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Snapchat just cannot stay out of the headlines these days. Major news broke this week as multiple outlets including PR Newswire report that Snap Inc. is now facing a class action securities lawsuit initiated by Levi and Korsinsky on behalf of investors. The complaint suggests that Snap’s leadership gave overly positive reports about the company’s prospects while hiding that advertising revenue growth plunged dramatically this spring—from a healthy nine percent in Q1 all the way down to just one percent in April. When the disappointing truth surfaced during Snap’s August 5th financial disclosure, their stock promptly nosedived by more than seventeen percent in a single day, going from $9.39 to $7.78 a share. Snap execs blamed the poor results on advertising platform issues, the timing of Ramadan, and a few minor changes, but investors were not satisfied and the deadline for new plaintiffs to join the suit is October 20th.
Not all weighty news is legal drama though. Snapchat made a notable business appearance on ET Now’s “Leaders of Tomorrow” this week, where its APAC Head of Marketing Science, Amit Chaubey, unveiled a new marketing metric from their so-called Attention Advance Advantage Report. He explained that even a five percent uptick in user attention to ads on Snapchat leads to four percent better brand recall and a striking twelve percent jump in brand favorability for advertisers. It is an attempt to reposition Snapchat as a place where not just young people but also brands can get more for their ad dollar, and the company is banking that these new metrics will convince marketers to choose Snap for more impactful digital spend.
In product news, the company just rolled out a new “Home Safe” feature—announced via Snap’s official newsroom—letting Snapchatters pressure-free notify a friend when they arrive home safely after a night out. This is being touted as part of their ongoing bid to “contribute to human progress” through the camera and keeps with their community-first vision. At the same time, Snap’s partnership with American Eagle is taking visual marketing to the next level with over 800 retail locations debuting as Promoted Places on Snap Map, making physical shopping more interactive via the app.
Augmented reality is also in focus, with Snap bringing the ancient world literally to your smartphone through an AR collaboration with historian Bettany Hughes, not to mention the new culture-enhancing AR project teamed with the Palace of Versailles. Meanwhile, Snap boasts in its own press materials that over nine hundred million people use the app monthly, and more than three hundred fifty million interact with augmented reality features daily.
On social media, the marketing push behind new campaigns, collaborations, and product innovation is showing up as trending topics, and Snap-issued stats are fueling tech analysts’ and financial commentators’ running debates over whether this is a comeback or more sizzle than steak. No significant executive scandals or departures have been reported, but financial and investor chatter remains dominated by the lawsuit fallout, with user excitement being driven by the latest AR and safety updates.
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