Snapchat launches new Facebook-inspired ad technology platform
Snapchat has launched a bigger and better advertising platform that aims to grow revenues.
Snapchat is launching a new Facebook-inspired ad platform. While it has had an API since 2016, today marks its official opening of the platform out of beta with 16 partnerships already in play and a goal of reaching a wider user base, including brands and agencies, and allowing them to buy directly on the social network.
To date, the Snapchat API has benefited more than 100 brands. With the help of marketing technology platform 4C, US brands like Gatorade and Nissan have already captured the eyeballs of millions of Snapchat’s users. The official API launched in October to allow advertisers to purchase ads at scale with the full gamut of features expected: A/B testing, real-time analytics and more. In December, the network launched a targeting feature called “goal-based bidding” as well.
Many of the partners who have been part of this ad technology overhaul, including Kenshoo, Kinetic, AdParlor, HyFn and Videology, have already worked with Facebook. There are six new API partners as part of this announcement, bringing the total to 15. Omnicom-owned agency Resolution Media will be licensing the API via 4C as well, allowing brands to bid on inventory through a self-serve or managed model just like other services such as Google and Facebook.
Snapchat has also forged partnerships with five partners, including mParticle, Kochava and LiveRamp, who will work as “audience match” partners, which facilitates lookalike campaigns — data-like customer lists or device IDs can be uploaded to target similar users. Advertisers using these partners can manage, segment and update audiences.
Finally, the social network has introduced a video feature via a “creative API” to allow five partners, including ReFUEL4, Vidmob and Spredfast, to manage video content, helping with production and editing of videos to achieve certain marketing objectives. The partners will be providing software to empower marketers to create Snap Ads and other types of video content. The tools will enable creative production, asset management, A/B testing, creative analysis and more, giving marketers a real-time view into what ads perform best.
Evidently, Snapchat is taking cues from Facebook. An anonymous source told AdAge that “Snapchat is totally copying what Facebook did. They now have all the right tech partners to build the platform for them and bring in revenue.”
It’s not surprising to see Snapchat take a stab at Facebook — Facebook is certainly doing the same with its product enhancements that aim to kill the service as a whole. With this, however, Snapchat is poised to drive a good deal of revenue due to significant demand across the board.
“What we’ve seen from Snapchat today is a doubling-down on their commitment to become a major player in the digital advertising industry,” said Ben Legg, CEO of AdParlor. “This move is in direct response to the many advertisers that have wanted to shift budget to Snapchat but have been deterred by the lack of components like flexible media buying and comprehensive reporting that they’re accustomed to from other advertising networks. With these newest partnerships and capabilities Snapchat is positioning itself to experience rapid growth.”