Snap Inc (NYSE:SNAP) Plans To Develop ‘Stories Everywhere’ Feature To Boost Stagnant User Growth

Snap Inc (NYSE:SNAP) is reportedly developing a new product known as ‘Stories Everywhere’ which is expected to take Snapchat Stories beyond the app in an attempt to revive stagnant user growth. The move is similar to what Twitter did in 2011 when it allowed content publishers to embed their tweets into articles and blog posts.

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The company has hired Rahul Chopra, a former Senior Vice President and Global Head of Video at News Corp., to take over the project, according to Cheddar.com. Chopra’s task involves the distribution of the app’s treasure trove of users’ generated content both on and off the web. The new feature will allow the users to share stories beyond the Snapchat app with the expectation to increase the firm’s presence beyond the main mobile app which faces stiff competition from Facebook and Instagram.

Since Snap went public in February, the company has been facing stagnant user growth and declining revenues especially in the third quarter of the year when it reported disappointing figures in key departments. The reasons behind the company’s poor performance include, among others, Facebook’s ability to duplicate Snap’s main product features and position them in more popular and easily accessible products such as Instagram.

The company is focused on fending off the rise of Facebook Stories knock-offs and Discover competitor, Watch. With Stories Everywhere, Snapchat users could share videos and on other social media platforms via a web player, which will trigger people to sign up and download the Snap app.

Snap is also considering allowing other apps to easily access its feeds from the user-generated videos that range from sports events to news updates. The videos are curated by both the Snap workers and computer algorithms. The new concept that enables other apps to access Snap’s content could be compared to a windfall for the firm from content licensing fees as the stakeholders and other investors get interested in seeing the company grow its revenues.

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