|
Shares of Snap have fallen 52 percent since the
beginning of the year as Snapchat has struggled to attract new
users as rivals Facebook Inc <FB.O> and Instagram introduced
Snapchat-like features on its own apps.
The serialized shows will have new episodes daily, and include a
documentary series called "Growing Up is a Drag," about the
coming-of-age of teenage drag stars, produced by Bunim/Murray,
the production company behind the hit reality television show
"Keeping Up with the Kardashians."
Snap said the episodes will be fast-paced for mobile viewing and
as short as five minutes long, with each show having a profile
page where viewers can easily find each episode.
That could address criticism from users and advertisers that
Snapchat's recent app redesigns have made it confusing to use.
The episodes, like Snapchat's existing shows, will include
six-seconds of advertising that are unskippable.
Last week, a leaked memo from Snap Chief Executive Evan Spiegel
laid out goals to reach full-year profitability in 2019 by
attracting more older users and redesigning its Android app to
better serve emerging markets.
Michael Nathanson, an analyst with MoffettNathanson, said in a
note on Tuesday that Snap was falling "woefully short" of its
goal to be profitable, estimating the company will lose more
than $1.5 billion next year.
Snap shares declined almost 3.0 percent on Tuesday after
Nathanson's note.
The company has also seen high turnover among its executives,
and said in September its Chief Strategy Officer Imran Khan
would step down.
(Reporting by Sheila Dang)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
 |
|
