In its initial days, Snapchat was considered to be a social media platform meant to interact with close friends by sharing photos and videos to a specific contact list which would last 24 hours and vanish. Times have changed, social media has revolutionised and so has Snapchat.
Moving on from fun filters and short video styles, Robert Murphy and Reggie Brown along with Nick Bell (VP - content) have new plans in store. As the world gets hungry for more video content Facebook introduced FB live, Instagram, its sister concern got a makeover and received the “videos you might like” section while Twitter also jumped on a similar bandwagon. One major threat Snapchat sees is from the latest Instagram update that shows a similar “stories” section in a bid to get more users to use instagram as a one stop destination.
According to latest media reports, Snapchat is keen on getting TV style content on its platform. This could mean getting more content creators, publishers and Networks to make content specifically for Snapchat. Currently, Buzzfeed, Mashable, Natgeo, CNN and others are already busy making similar content for the platform.
Of the 20 publishers that Snapchat is working with, most of them have a magazine style approach and only 6 have a background in TV programming. Pointing this out it may be more evident as to why Snapchat is closely following TV networks to partner with.
Recently Snapchat announced a multi-year content and advertising partnership with NBC Universal to produce original episodic shows for the platform. NBC’s Emmy Award-winning series The Voice and E! Entertainment’s E! News will be the first NBCUniversal brands to develop customized shows that will air on Snapchat Discover as part of the new partnership. The Voice will first be aired on August 22..
Linda Yaccarino, Chairman, Advertising Sales and Client Partnerships, NBCUniversal said, “By partnering with Snapchat, we can combine the largest, most creative portfolio in television with a technology platform that’s evolving and complementing how we engage with audiences. For our advertisers, this means being associated with premium content in a new and compelling format, and creating a connection that lasts long after your snap disappears.”
Nick Bell, VP of Content at Snapchat said “We’re thrilled to be partnering with NBCUniversal to bring Snapchatters a marquee video experience featuring some of entertainment’s most respected and widely watched brands. Together with NBCUniversal, we believe there is a huge creative and commercial opportunity around mobile-first programming and are excited to bring these future formats to our community.”
In a bid to get more users glued to content on Snapchat during the Olympics, Brazilian broadcaster Globo entered into a partnership with Snapchat to offer behind-the-scenes moments of the 2016 Rio Olympics. The gamble paid off as Snapchat recently revealed that it had crossed 50 million unique viewers FOR Olympics based content on the platform.
With content like The Voice and E! News advertisers would be expected to trickle in on the Snapchat. As a part of the deal NBC will sell advertising and sponsorship around its content on the platform. Snapchat appeals to a younger crowd and this could be the perfect way for brands to reach out to a niche audience. In terms of content a younger audience flocks the platform which would play a pivotal role in reaching a specific target audience.
NBC will have the opportunity of applying its programme-making and sales expertise to a social audience of 150 million-plus through Snapchat.
This move from Snapchat shows its intention to rival traditional media just like other social media platforms like Facebook and Twitter to gain momentum and show TV content. It also shows how newer social media players value traditional media and the power of its monetisation.
Though TV and its content could face a major battle from social media platforms that are resorting to similar content the latest development clearly show how traditional media still holds power in terms of monetisation and content creation.