Snapchat Launches Fund to Support Lens Creation

By Thomas Price Saturday, December 19, 2020

With social media continuing to grow with rocket-like speed, the need for the many websites and apps to keep up through the addition of new features and updates to current ones has become vast. Snapchat has certainly been a part of that trend, adding multiple new features in the past year or so, including content creation similar to that of TikTok. As a result, the social media app has seen strong growth in 2020, which has translated into their stock prices seeing positive movement after years of languishing well below its debut price of less than $30 a share.

Snapchat has no plans to slow down this momentum as the company recently announced its new funding specifically for supporting the creation of Snapchat Lenses.

Snapchat’s Lens Fund

As part of a multi-day event called Lens Fest, Snapchat recently announced that the company has created a $3.5 million fund. The new fund will directly support the many different creators and developers of the Lenses that are enjoyed by hundreds of millions of users every day.

Snapchat’s fund will be built from the existing Creator Residency Program, which Snapchat announced during the Snap Partners Summit. The Creator Residency Program will allow developers, artists, and creators to all apply for funding to help create their Lenses using technologies such as SnapML. However, with Snapchat’s new update of the Lens Studio, the ability to create them will be easier than ever before.

The updates to the studio include new creator tools and workflows that also provide significant ease in finding created Lenses and toggling between different Lens accounts for those who have sponsored and personal creations. The main update involved the creation of visual scripting, which allows for the addition of logic into interactivity by the user without the need to code to do so. This, along with the creation of face morph templates for 3D characters, Lenses has created a genuine sense that Snapchat is pushing on all cylinders to see this area of their app grow near exponentially. Considering the growth numbers of Lenses, this makes tremendous sense.

Since the launch of Snapchat’s Lens feature, the Lenses created by the Snapchat community have been viewed over 1 trillion times, a massive milestone. Furthermore, over 1.5 million Lenses have been made since Lens creation was opened up to the public, showing the enthusiasm of the community even without financial compensation.

Perhaps most importantly of all of these numbers, Snapchat Lens is used or interacted with by over 180 million people every single day. Compared to when Snapchat Lens launched, this is over 110 million more user interactions every day, more than doubling initial numbers. Snapchat’s launch of their new fund is further supporting this growth from the corporate side. The more invested creators are in building fun, exciting Lenses, the more interested the public will be in using them, further boosting Snapchat’s growing numbers. Lenses’ popularity, along with many other features, has excited investors, and Snapchat’s stock prices have continued to increase as a result.

Snapchat’s Stock

The launch of a new Lens fund has been one of many new developments the social media company is announcing. One of the other major new features will be native integration of Twitter into Snapchat. Users can now see a tweet and share it as a sticker directly to Snapchat via Stories or as a message to any particular person or group. This news led to increased growth in Snapchat’s stock which now sits comfortably above $50 per share, after seeing lows of less than $10 per share in March of this year.

Final Conclusions

Snapchat is finally moving with significant purpose this year. With the launch of their own rival to TikTok, the continuous expansion of their Lens program, and the collaboration with Twitter, the company is looking to grow users from all different paths of interest. While the social media company is still smaller than many of its rivals, there is clear intent that Snapchat plans to compete for users at the highest level from what the company has seen before.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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