Snapchat geofilters are a big deal, with many of their users choosing to use their location filters when snapping in their stories. These filters were first introduced in 2014, which allowed mand bigger brands to sponsor a design in a specific location. With the demand and increased use if Snapchat for more than just friends sharing a moment, Snapchat has decided to make it easier for smaller businesses to use their geofilters. This comes with a select number of design templates that businesses can sponsor when required.
Before this update, only individuals would have access to templates when purchasing geofilters.
To use these geofilters, smaller or medium sized businesses will need to visit Snapchat's website, customize their filters, and wait around 24 hours for the Snapchat team to verify and approve their design. Each geofilter can cover as little as 20,000 square feet at an event venue up to 5 million square feet; these geofilter will last from a minimum of 30 minutes to 30 days.
The prices do vary from a $5 geofilter, which factors in location and duration. For more of a long term request, Snapchat does offer annual subscriptions to businesses, which are priced very differento the hourly rate option.
These new template designs are specifically aimed at nightclubs, beauty brands and bars.
With the recent collaboration with Foursquare, Snapchat seems to be increasing their revenue streams. This has come as no surprise as their parent company Snap, comes closer and closer to their IPO. Snapchat currently offers other ad formats, for instance sponsored lenses, which shows up as overlays that users can add to their photos and videos. Plus, the addition of ads that pop up within stories. Snapchat reportedly has over 150 million active daily users worldwide and is expected to make $250 million to $350 million in revenue this year, with projections of $1 billion in 2017.