Snapchat (or we should now say Snap), our all time favorite app for social media, has just announced the acquisition of the drone company, Ctrl Me Drone. With net losses increasing, this acquisition adds to Snap’s decision to make some much needed changes.
These changes began with its decision to go public in March of this year- its IPO was $24.48. Spectacles were introduced around this time as Snap wanted to create a pre IPO marketing push. The introduction of these glasses marked the beginning of Snap’s decision to rebrand itself as a camera company, hence the dropping of “chat” at the end of the brand’s name. The glasses, priced at $130, come in three colors and feature a camera that allows owners to take quick snapshots of their surroundings. Press the button down once for a quick snap or hold it to take a 10 second video. With over 60,000 sold in the last quarter, they are already proving to be a hit.
Entering new territory, Snap has ventured into entertainment, partnering with companies such as NBCUniversal, Vice, and Walt Disney to create exclusive 3-5 minute shows. These can be found in the discover category.
While the company claims to be moving in the direction of a “camera” company, these recent additions seem to be all over the place. Where will Snap’s focus be in the following months? We at SPOT are excited to see how the company continues to change. In the meantime, we have to update our story.