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SNAP to Allow Snapchat+ Users to Create AI-Generated Images
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SNAP Inc. (SNAP - Free Report) is rolling out some exciting AI-powered features for Snapchat+ subscribers globally, enhancing the creative possibilities for users.
Subscribers using the $3.99 plan can access the new AI image generator by clicking on the "AI" button on the right side of their screen. Users can choose from a selection of prompts or input their own text prompt. The app generates an image based on the prompt, allowing users to edit, download and share the AI-generated image. This feature expands on the ability to create AI images for bitmoji backgrounds and chat wallpapers, now enabling users to share AI images with their friends.
The Dream selfie feature, which allows users to create fantastical images of themselves in different scenarios, can now be used with friends. Users can create an AI selfie and select a friend to appear in the generated image, opening up new possibilities for collaborative and imaginative content. Snapchat+ subscribers receive one free pack of eight Dreams per month.
The new AI-powered extend tool is designed to help users adjust their images. For example, if a user has taken a close-up image of their dog and wants to include more of the background, they can use the extend tool. The tool automatically generates a zoomed-out image, filling in the background with the help of AI.
These additions aim to provide its 7 million Snapchat+ subscribers with more creative tools and options for personalizing their content.
Snap’s AI Initiatives to Aid Declining Ad Revenues
Snap and other competitors, including Alphabet (GOOGL - Free Report) , have been facing challenges in their advertising revenues due to fierce competition from platforms like TikTok and Meta Platforms’ (META - Free Report) Instagram, as well as changes in Apple's app privacy policies.
META is pumping resources into developing generative AI on its platform. It announced a new Reimagine feature for Meta AI’s text-to-image generator on Messenger and Instagram. Meta AI generates and shares images based on users’ requests. The new reimagine feature allows the receiver to generate a riff on the shared picture using a text prompt and share it back.
In its race to target TV ad dollars, Alphabet allowed third-party (Nielsen and comScore) tagging of YouTube videos to determine the effectiveness of ads on YouTube versus ads shown on TV.
Snap is suffering from declining ad revenues as advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds, inflation-driven cost pressure and the rising costs of capital. The persistent decline in the price-per-ad impression is likely to dent advertising revenues for the company in the near term.
To address this and maintain user engagement, Snap introduced new AI features, some of which are exclusive to its paid subscribers.
One of these features is My AI, which was launched in April for all Snapchat users. My AI has garnered significant user engagement, with over 150 million people sending more than 10 billion messages to My AI.
Snap has partnered with Microsoft (MSFT - Free Report) Advertising to power Sponsored Links within My AI. This partnership leverages Microsoft Advertising's Ads for Chat API to enable the seamless delivery of relevant links during conversations. This collaboration is expected to help partners reach Snapchatters when they have expressed potential interest in their offerings.
In addition, Snapchat recently added a way for developers to create filters with ChatGPT. The new beta of Lens Studio for developers includes the ability to create filters with ChatGPT. Lens developers will be able to use a new 3D face mask generator to create generative AI face lenses. These new developer tools announced include the ability for multiple people to work on projects at the same time.
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SNAP to Allow Snapchat+ Users to Create AI-Generated Images
SNAP Inc. (SNAP - Free Report) is rolling out some exciting AI-powered features for Snapchat+ subscribers globally, enhancing the creative possibilities for users.
Subscribers using the $3.99 plan can access the new AI image generator by clicking on the "AI" button on the right side of their screen. Users can choose from a selection of prompts or input their own text prompt. The app generates an image based on the prompt, allowing users to edit, download and share the AI-generated image. This feature expands on the ability to create AI images for bitmoji backgrounds and chat wallpapers, now enabling users to share AI images with their friends.
The Dream selfie feature, which allows users to create fantastical images of themselves in different scenarios, can now be used with friends. Users can create an AI selfie and select a friend to appear in the generated image, opening up new possibilities for collaborative and imaginative content. Snapchat+ subscribers receive one free pack of eight Dreams per month.
The new AI-powered extend tool is designed to help users adjust their images. For example, if a user has taken a close-up image of their dog and wants to include more of the background, they can use the extend tool. The tool automatically generates a zoomed-out image, filling in the background with the help of AI.
These additions aim to provide its 7 million Snapchat+ subscribers with more creative tools and options for personalizing their content.
Shares of this Zacks Rank #3 (Hold) company have gained 77.1% in the year-to-date period compared with the Zacks Computer and Technology sector’s rise of 47.1%. SNAP’s recent AI efforts are expected to boost its top line in the upcoming quarters. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Snap Inc. Price and Consensus
Snap Inc. price-consensus-chart | Snap Inc. Quote
Snap’s AI Initiatives to Aid Declining Ad Revenues
Snap and other competitors, including Alphabet (GOOGL - Free Report) , have been facing challenges in their advertising revenues due to fierce competition from platforms like TikTok and Meta Platforms’ (META - Free Report) Instagram, as well as changes in Apple's app privacy policies.
META is pumping resources into developing generative AI on its platform. It announced a new Reimagine feature for Meta AI’s text-to-image generator on Messenger and Instagram. Meta AI generates and shares images based on users’ requests. The new reimagine feature allows the receiver to generate a riff on the shared picture using a text prompt and share it back.
In its race to target TV ad dollars, Alphabet allowed third-party (Nielsen and comScore) tagging of YouTube videos to determine the effectiveness of ads on YouTube versus ads shown on TV.
Snap is suffering from declining ad revenues as advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds, inflation-driven cost pressure and the rising costs of capital. The persistent decline in the price-per-ad impression is likely to dent advertising revenues for the company in the near term.
To address this and maintain user engagement, Snap introduced new AI features, some of which are exclusive to its paid subscribers.
One of these features is My AI, which was launched in April for all Snapchat users. My AI has garnered significant user engagement, with over 150 million people sending more than 10 billion messages to My AI.
Snap has partnered with Microsoft (MSFT - Free Report) Advertising to power Sponsored Links within My AI. This partnership leverages Microsoft Advertising's Ads for Chat API to enable the seamless delivery of relevant links during conversations. This collaboration is expected to help partners reach Snapchatters when they have expressed potential interest in their offerings.
In addition, Snapchat recently added a way for developers to create filters with ChatGPT. The new beta of Lens Studio for developers includes the ability to create filters with ChatGPT. Lens developers will be able to use a new 3D face mask generator to create generative AI face lenses. These new developer tools announced include the ability for multiple people to work on projects at the same time.