Snap Says Game On
Snap is upping the ante by launching a brand-spanking new gaming platform to help keep its younger users hooked on its products, and hopefully attract a few new ones too. It’s game on!
The plan is to offer original and third-party games, such as Zynga Inc’s Tiny Royale, in an effort to keep up with the times and the sector’s growing competition. That’s not all, It has also unleashed a wave of new features and content for its primary business, including BuzzFeed shows and loads of augmented reality filters, such as landmarks. Pretty rad stuff.
With new competition flooding into the social media space from the likes of TikTok and the pre-existing giants like Instagram holding market share, the need to push the boundaries to stay relevant has never been greater. This new range is set to target 13-34 year-olds and harness the burgeoning potential of the gaming world all in one – but how has it been received by investors?
Since the start of 2018, Snap’s stock price has almost doubled in value after showing improving user-base metrics and retention rates. While its stock remained relatively muted yesterday, today’s open will tell us a lot about how investors feel about this new expansion into gaming.
The explosive growth of the online gaming space with phenomenons like Fortnite makes its an extremely exciting development for Snap. So stay tuned.