SNAP adds dual camera functionality to Snapchat for iOS users

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Instantaneous SNAP enhances its camera features with the recently introduced dual camera on Snapchat for iOS users. The dual camera can capture multiple perspectives and themes simultaneously.

This feature offers four layouts namely horizontal, vertical, picture-in-picture, and cutout. It also allows Snapchat users to add creative tools like music, stickers, and lenses.

The horizontal layout divides the screen into two parts from the horizontal center, with the upper part capturing the rear view and the lower part capturing the front view or vice-versa.

The vertical layout again divides the screen into two parts, but from the vertical center, with the left side capturing the rear view and the right side capturing the front view or vice-versa.

The picture-in-picture layout shows the front (rear) view in a circular shape that is pasted on top of the rear (front) view camera, while the cut-out layout allows users to erase the background of the front image and paste it on top of it. rear view image.

Price and consensus of Snap Inc.

Snap Inc. price consensus chart | Quote from Snap Inc.

Snapchat is gaining traction among Millennials and Gen Z

Snapchat has been one of the hottest social media apps among Millennials and Gen Z, thanks to its offerings like disappearing messages, AR lenses, and filters.

Snapchat reaches 75% of 13-34 year olds in the US, making it a broader platform than Meta platformMETA Facebook and Instagram as well as Twitter TWTR.

However, Snapchat faces fierce competition from Meta Platform’s Instagram, which already announced the dual camera feature on its platform a few weeks ago.

Still, the latest camera enhancements should boost user engagement and improve Snap’s competitive prowess.

The company is also benefiting from strong adoption of its premium subscription service Snapchat+, which offers priority responses to star stories, new backgrounds and custom app icons. Snapchat+, available in 25 countries, gained more than one million subscribers in just six weeks.

Snap has also invested heavily in its augmented reality (AR) technology. He recently submitted research papers explaining how AR will convert simple photos and videos into digitized assets that can be moved to any environment.

This feature will remove the need to shoot and render footage in a physical studio and also allow AR creators to create millions of easily crafted digital assets.

At the end of July, Snap introduced Ghost Phone, an exciting AR game built using Lens Studio and the first web game engine, Playcanvas. The game uses surface recognition and world-scanning technology to seamlessly integrate AR ghosts into players’ real surroundings, prompting Snapchatters to collect ghost energy.

What awaits Snap in the rest of 2022?

Snap shares underperformed the Zacks computer technology sector as well as its peers Meta Platform and Twitter since the beginning of the year.

While Snap shares are down 78.1% year-to-date, Meta Platforms and Twitter are down 52.7% and 7.3% over the same period.

In addition to fierce competition, Snap has faced headwinds from lower advertiser spend amid supply chain disruptions, labor shortages and rising costs amid record inflation.

However, Snap’s popularity among Millennials and Gen Z has remained strong. In the second quarter, daily active users (DAUs) were 347 million, up 18.4% year-over-year. Snap added 54 million DAUs on an annual basis.

Total time spent watching Spotlight content increased 59% year over year. The average daily number of Snapchatters aged 25+ interacting with publishers’ shows and content increased by more than 40% year-over-year.

Zacks Ranking and a Key Stock to Consider

Snap has a Zacks rank of #3 (Hold), currently.

A top-ranked stock in the IT and technology sector is Airbnb ABNB, with a Zacks rank No. 2 (buy). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Airbnb shares are down 31.8% year-to-date.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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