At the 2024 IAB NewFronts event, Snapchat announced new augmented reality (AR) and machine learning (ML) tools. These tools make it faster and easier for brands to develop AR try-on assets. The focus is on accelerating the conversion of 2D product catalogs into interactive try-on experiences.
These technological advances offer brands an innovative way to present their products. This increases user engagement and improves the consumer experience. Ultimately, this can lead to higher sales. Snapchat has partnered with big names such as Amazon and Tiffany & Co. These collaborations highlight the success and effectiveness of these tools.
Snapchat is also introducing the ability for brands to create personalized AR ads with generative AI technology. This technology allows brands to use unique ML models. These models add realistic facial effects to lenses, resulting in a personalized ad experience.
AR Extensions make it easier to integrate AR lenses and filters into all of Snapchat's ad formats. This allows brands to present their advertising messages seamlessly and more attractively.
The introduction of these tools led to a 21% increase in revenue in the first quarter of 2024 for Snapchat. This indicates strong growth in the use of advanced ad technologies. An 85% year-on-year increase in small and medium-sized advertisers on the platform shows widespread adoption of Snapchat's updated ad capabilities.
These new AR and ML tools position Snapchat as a pioneer in shaping the future of online advertising. Central to this are interactive and personalized ads.
Source: Snapchat