Snap Inc (NYSE:SNAP) is dipping its toes further into the crowded news waters. The social media platform has announced partnerships with four news discovery platforms with the goal of assisting journalists and publishers.
Axios has the details on Snap’s plans.
Snapchat is launching a news partnership initiative with the goal of helping journalists and news organizations better mine the billions of public videos and photos shared daily on Snapchat for news and information.
Why it matters: People are overwhelmingly turning to social media and messaging for news, adversely impacting traditional publishers’ bottom lines. As a result, platforms are under increased pressure to create symbiotic relationships with publishers and journalists.
The parterships are with NewsWhip, Storyful, SAM Desk and TagBoard. Publishers with subscriptions to those tools will have access to all publicly-available Snaps, similar to how they have access to what’s happening on Facebook and Twitter.
“The geography data from Snapchat is really trustworthy compared to other platforms, and it can be very targeted, which makes the content compliment text-based journalism on Twitter really well. Using our AI, journalists can combine the two sets of data to find facts and break news that much faster,” notes James Neufeld, CEO and Founder of SAM Desk.
Snap Inc shares were trading at $13.47 per share on Thursday morning, up $0.12 (+0.90%). Year-to-date, SNAP has declined -7.80%, versus a 5.84% rise in the benchmark S&P 500 index during the same period.