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Snapchat announces new scripted shows to win over users

(Reuters) – Snap Inc. ( SNAP.N ) on Wednesday announced new scripted broadcasts for its photo The Snapchat messaging app, which will be launched this fall, has partnered with production companies and Hollywood writers in hopes of reversing its decline in user numbers.

A billboard displaying the Snapchat logo over Times Square in New York March 12, 2015. REUTERS / Lucas Jackson

Snap shares have fallen 52% since the beginning of the year, while Snapchat struggled to attract new users as rivals of Facebook Inc ( FB.O ) and Instagram have introduced features similar to those of Snapchat on their own applications.

Serialized series will feature new episodes each day and will include a documentary series entitled "Growing Up is a Drag" on the transition to adulthood from drag stars, a product by Bunim / Murray, the production company

According to Snap, the episodes will be fast for mobile viewing and will only last five minutes, each show having a profile page allowing viewers to look at each other. easily find each episode.

This could respond to consumer and ad criticism that recent changes to Snapchat's apps have made its use confusing.

The episodes, like Snapchat's existing shows, will have six seconds of unreachable advertising.

Last week, a memorandum from Snap's CEO, Evan Spiegel, outlined the goals for achieving annual profitability in 2019 by attracting more senior users and rethinking its Android app for better serve emerging markets.

Michael Nathanson, an analyst at MoffettNathanson, said Tuesday in a note that Snap was "mourning" its profitability goal, estimating that the company would lose more than $ 1.5 billion. next year.

Snap shares lost nearly 3.0% Tuesday after Nathanson's note.

The company also recorded a high turnover rate of its executives. She announced in September that her strategy director, Imran Khan, would step down.

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