Snapchat is taking a step forward in its monetization efforts by testing sponsored links in its My AI chatbot. Snap’s push into ads comes as it looks to rebound from a slump in its stock price and job losses over the past year. The company is pushing to increase its user base to 450 million people and generate $6 billion in revenue by 2023.
In addition to adding ads to My AI, Snap is also introducing them to Spotlight – its version of TikTok’s popular shortform video feeds. Ads will appear between posts like they do on TikTok and Reels of Instagram. Snapchat is also providing advertisers the chance to feature their video ad as the first thing customers see when they open a friend’s story.
Snapchat is owned by CEO Evan Spiegel, who co-founded the company with Bobby Murphy back in 2011. Recently, the company has seen a lot of changes including a high-stakes reorganization around its ad business. The company is trying to regain its user-base and monetize it’s platform. Through his efforts, Snap may inch towards the ambitious goal of increasing users and revenue. Given the current trends and new initiatives, it indicates that Snap is looking to build a strong future.
