Snapchat maker Snap signed a number of high-profile video content deals as part of its growing ambitions related to original programming that it's looking to serve on its platform, The Wall Street Journal reports. Industry sources said on Thursday that the Venice, Los Angeles-based Internet giant recently agreed to partnerships with a number of major media companies including ABC, BBC, and Vice Media. The company is also said to be discussing potential video content deals with FOX and CBS, though no other details on the matter are currently available.
The firm is allegedly looking to air two to three new episodes of original programming on a daily basis through it Snapchat Stories platform, people familiar with the matter said, adding that the time frame for realizing those ambitions is currently set to late 2017. All of the upcoming shows produced for Snapchat are said to be between three and five minutes long, though it's currently unclear whether all media companies that have already agreed to produce original programming for the popular social app have a clear idea of the type of content that they'll be making. Regardless, all of the upcoming shows will be filmed in a vertical aspect ratio supported by Snapchat, industry sources said, adding that Snap has high hopes for its new video initiative that it hopes will help it grow its revenue stream by increasing user engagement. While 158 million users that Snapchat currently boasts can't compare to billions of people that are using Facebook and hundreds of millions of people that are on Instagram, the Los Angeles-based company currently has an extremely loyal user base that spends up to half an hour per day on its app and rarely uses competing platforms. Further increasing engagement of such a loyal pool of customers will likely directly translate to revenue growth, something that's extremely important for Snap that's currently in the process of trying to support its $25 billion valuation made for the purposes of its recent IPO.
It remains to be seen whether Snap manages to turn Snapchat into a viable video platform for major content creators that are looking to directly monetize their programming — especially with Facebook doing everything it can to stop the platform from growing — but an update on the company's efforts to do so will likely follow soon.