TL;DR:
- Snap introduces AI chatbot and augmented reality services, with the “My AI” chatbot powered by OpenAI’s ChatGPT.
- The chatbot has been made available to premium subscribers since February and is now being rolled out to all 750 million monthly active users.
- CEO Evan Spiegel has reassured that measures have been put in place to ensure the chatbot’s responses align with community guidelines and the system knows the user’s age.
- Snap is diversifying its offerings with a new device that resembles a physical mirror but allows users to see themselves with clothes overlaid on their images.
- The move comes as Snap’s competitors explore groundbreaking technologies, with Facebook’s parent company, Meta, investing in AI and virtual reality “metaverse.”
- Snap’s stock has plummeted due to changes in Apple’s privacy policies and broader economic challenges, leading to layoffs and reduced investment in hardware initiatives.
- Snap announces new features aimed at attracting creators and influencers, including the ability for private profile users to post public videos and an expanded revenue share program.
Main AI News:
Snap, the social networking company, has embarked on a mission to rekindle its fortunes with the launch of its cutting-edge artificial intelligence-powered chatbot, “My AI,” and augmented reality services for businesses. Leveraging the power of OpenAI’s ChatGPT, the “My AI” chatbot has already been made available to premium subscribers since February and is now being rolled out to the platform’s 750 million monthly active users.
The AI-driven system offers human-like conversations and visual content that augment the messaging experience. However, the feature has been designed with caution, taking into account the concerns of regulators and politicians about teen safety on online platforms.
CEO Evan Spiegel reassured that the company has put in place measures to ensure the chatbot’s responses align with community guidelines and that the system knows the age of the user. Additionally, Snap stores all conversations with the chatbot for review and monitoring. Furthermore, the company has expanded its AR Enterprise Services (ARES) platform to help brands make sizing and fitting recommendations using augmented reality technology.
Snap is diversifying its offerings with the launch of a new device that resembles a physical mirror but enables users to see themselves with clothes overlaid on their images. This device builds on the company’s existing AR tools, including apps that employ similar AR features. The move comes as Snap’s social media competitors explore groundbreaking technologies to drive the next phase of growth.
Facebook’s parent company, Meta, has leveraged AI to enhance its advertising systems and invested billions in creating an avatar-filled “metaverse” accessible through virtual reality headsets. Meanwhile, changes to Apple’s privacy policies and broader economic challenges have impacted Snap’s advertising business, causing its stock to plummet by 80% in 2022 and further drop by 14% in January upon news of an expected Q1 revenue decline of up to 10%.
In response, CEO Evan Spiegel initiated the company’s most extensive restructuring effort, including layoffs and reduced investment in hardware initiatives like AR smart glasses.
As part of its annual event for content and developer partners in LA, the company also announced new features aimed at attracting creators and influencers to the platform. This move is fueled by the growing competition for talent from TikTok and Instagram.
However, it marks a departure from Snap’s original positioning as a private space for friends. The new features include the ability for users aged 18 and above with private profiles to post public videos, and an expansion of the revenue share program to users with significant followings, allowing creators to earn a share of ad revenues within their content.
Conlcusion:
Snap’s introduction of AI chatbot and augmented reality services, as well as the launch of a new device that resembles a physical mirror, is a strategic move to revive its fortunes in a highly competitive market. The “My AI” chatbot, powered by OpenAI’s ChatGPT, offers human-like conversations and visual content and has been designed with caution to address concerns about teen safety. The company’s expansion of its AR Enterprise Services platform and new features aimed at attracting creators and influencers demonstrate a commitment to diversifying its offerings and staying ahead of the curve in the industry.
However, the challenges posed by changes in privacy policies and broader economic issues cannot be ignored, as evidenced by the decline in Snap’s stock. Nevertheless, Snap’s restructuring efforts and continued investment in innovative technologies position the company well for future growth and success.
