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Snapchat Brings Group Video Chat Feature to Boost Engagement
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Snap Inc. (SNAP - Free Report) announced that users of its messaging application, Snapchat, can now engage in video chats with up to 16 friends at a time, a new feature that the company is rolling out globally this week.
Per a blog post by Snap, during the group video chat, users will be able to access the wide range of Lenses that the company offers, join the conversation as a voice-only participant and also engage in sending messages in the group chat.
New Features to Attract Users
Snapchat has added a number of features to make its platform more attractive to users as well as advertisers. However, the recent redesign of the application, which was done in an attempt to make the platform more user-friendly, failed to impress.
Snap, in order to pacify users, introduced a Tab feature on the Friends and Discover pages of the application that enables them to easily sort the Stories they wish to see. It also added GIF — Graphic Interchange Format — stickers on Snapchat by collaborating with Giphy.
We believe with the launch of the new features, Snap is giving users more reasons to stay hooked on to the application and drive its popularity among millennials — the most coveted user group of Snapchat.
Will it Help Counter Competition?
Snap is investing a lot in bringing innovative features but these are yet to contribute meaningfully to top-line growth. This is largely due to the highly competitive environment in which the company operates.
Notably, in the past year, Snap shares have lost 36.4% against 30.6% growth of its industry.
The group video chat option is already available on other platforms. Facebook’s Messenger app introduced it in December 2016. A Facebook user can chat with up to 50 participants, and see six people at a time during group video chat.
Alphabet’s (GOOGL - Free Report) Google Hangout and Microsoft’s (MSFT - Free Report) Skype consumer products also have the feature that allows 10 persons to engage in a video chat at a time.
Although this option is currently not available on Facebook-owned Instagram, the app that Snapchat primarily competes with, the latter’s strategy of mimicking Snapchat features on its platforms and making them more popular, makes us cautious. Thus, it remains to be seen if the latest addition boosts Snap’s competitive position in the long haul.
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
Snapchat Brings Group Video Chat Feature to Boost Engagement
Snap Inc. (SNAP - Free Report) announced that users of its messaging application, Snapchat, can now engage in video chats with up to 16 friends at a time, a new feature that the company is rolling out globally this week.
Per a blog post by Snap, during the group video chat, users will be able to access the wide range of Lenses that the company offers, join the conversation as a voice-only participant and also engage in sending messages in the group chat.
New Features to Attract Users
Snapchat has added a number of features to make its platform more attractive to users as well as advertisers. However, the recent redesign of the application, which was done in an attempt to make the platform more user-friendly, failed to impress.
Snap, in order to pacify users, introduced a Tab feature on the Friends and Discover pages of the application that enables them to easily sort the Stories they wish to see. It also added GIF — Graphic Interchange Format — stickers on Snapchat by collaborating with Giphy.
We believe with the launch of the new features, Snap is giving users more reasons to stay hooked on to the application and drive its popularity among millennials — the most coveted user group of Snapchat.
Will it Help Counter Competition?
Snap is investing a lot in bringing innovative features but these are yet to contribute meaningfully to top-line growth. This is largely due to the highly competitive environment in which the company operates.
Notably, in the past year, Snap shares have lost 36.4% against 30.6% growth of its industry.
The group video chat option is already available on other platforms. Facebook’s Messenger app introduced it in December 2016. A Facebook user can chat with up to 50 participants, and see six people at a time during group video chat.
Alphabet’s (GOOGL - Free Report) Google Hangout and Microsoft’s (MSFT - Free Report) Skype consumer products also have the feature that allows 10 persons to engage in a video chat at a time.
Although this option is currently not available on Facebook-owned Instagram, the app that Snapchat primarily competes with, the latter’s strategy of mimicking Snapchat features on its platforms and making them more popular, makes us cautious. Thus, it remains to be seen if the latest addition boosts Snap’s competitive position in the long haul.
Snap Inc. Price
Snap Inc. Price | Snap Inc. Quote
Snap carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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