Snap Inc (NYSE:SNAP) has entered into a content accord with NowThis of Group Nine Media Inc to provide breaking news to the users of SnapChat. This accord allows the users of the SnapChat to share what is happening across the world with their friends and colleagues.
As per the terms of the content deal, NowThis will unveil a NowBreaking on the App of Snap Inc to provide exclusive news coverage for SnapChat users. This latest initiative is to bring real time news and the related context from around International and national stories.
The Discover section of SnapChat will host the NowBreaking from June 2018. Ms. Tina Exarhos, Chief Content Officer of NowThis said SnapChat now has a clear understanding of how the mobile users consume content. The CCO is very happy to use the editorial content and reporting expertise to provide the latest news and relevant content to the community of SnapChat.
Snap Inc has introduced “Good Luck America” a news outlet hosted by Mr. Peter Hamby to broadcast its own news. The news outlet also hosts the shows of CNN and NBC News once or twice daily.
SnapChat is now aiming to publish the breaking news through partnering with NowBreaking. The latest stunt is on the sidelines of posting dismal earnings in Q1. The shares of Snap Inc has hit an all time low.
The net loss of Snap Inc is reported at $388 million for the quarter ending March 31, 2018, on total revenues of $231 million. However, the company has reported an increase of 54% in total revenues when compared to the same period last year. Its annual revenues fell short of the analyst’s prediction of $244 million.
The user base of SnapChat is also sluggish during Q1. SnapChat has added just 4 million users in Q1, an increase just 2% from Q4. According to the estimates of the analysts, SnapChat should have added 7 million users. The active users of the App are now estimated at 191 million.