Two weeks ago, Adweek reported that Snapchat was asking major retail brands for $750,000 a day for its new ads. While Snapchat only began to run ads late last year, they have support from major brands, including the likes of McDonald’s, Samsung, Macy’s, and Electronic Arts.
On the surface, three quarters of a million dollars may seem like a lot money for a single day of advertising, but when you’re first-to-market and have a direct line to teenagers, there’s definitely an argument to be made. Snapchat CEO Evan Spiegel certainly believes so, as he’s raising funds at a $10 billion valuation.
Funding aside, it’s fascinating to watch as Snapchat continues to monetize their app, and compete with established social media players for user’s precious screen minutes.
But it doesn’t stop at social media. more
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