Is Snap's (SNAP) Lens Fest Going to Evolve the AR Industry? – Zacks Investment Research

We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
Don't Know Your Password?

New to Zacks? Get started here.
Don't Know Your Password?

You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
OK Cancel
Image: Bigstock
Zacks Equity Research
Trades from $1
You follow Analyst Blog – edit
You follow Zacks Equity Research – edit

Snap (SNAP Free Report) shares have lost 80.2% of their price year to date. The company has been badly hit by declining ad revenues due to ongoing uncertainties in the market. However, the company is benefitting from the strength in the adoption of augmented reality (AR) lenses.

Snap recently announced its fifth Lens Fest, which is a multi-day global virtual event exploring the new dimensions of AR and celebrating the lens creator community that shapes the future of AR.

Snap reports that its AR ecosystem is expanding, with over 300,000 AR creators and developers who have contributed to more than 3 million AR Lenses.

It has further collaborated with a small group of creators and developers who are building Lenses with digital goods, including power-ups, AR items, and extra tools within a Lens, which can be unlocked by snapchatters using Snap Tokens. These lenses are expected to be rolled out in a few weeks in specific locations.

To keep fueling innovations in AR, Snap has also announced a new Lensathon event, which will challenge creators to push the boundaries of AR and create lenses beyond it for a prize pool of $200K.
As fashion and AR technology join hands, Snap takes this opportunity to enhance its AR for the use of shopping.

Snap created a range of AR lenses for Vogue World’s New York Fashion Week runway show, wherein attendees could capture looks from designer brands including Dior, Burberry, Christopher John Rogers and Bode, and could then access virtual versions of the designs and try them on using Snap AR technology.

Snap also introduced a new digital fashion collaboration with Swedish fashion retailer H&M, which allows users to select outfits designed by H&M, strike a pose, and share their favorite digital looks.
Snap Inc. price-consensus-chart | Snap Inc. Quote
Snap partnered with Amazon (AMZN Free Report) as well to let snapchatters experience the new Snapchat try-on Lenses that feature thousands of eyewear products from brands including Maui Jim, Persol, Oakley, Costa Del Mar and many more that customers will be able to explore, shop and digitally try-on.

This creates an indulging and exciting shopping experience for buyers. Snap reports more than 250 million snapchatters who have been engaged with AR shopping Lenses since January 2021.

Snap joined Walmart’s (WMT Free Report) Walmart Connect in September as an innovation partner, enabling advertisers to buy Snap ad units through Walmart Connect and reach the latter’s large and engaged audience through its video and augmented reality ad formats.

These extensive product offerings have deepened the engagement of its global community, which increased 19% year over year to reach 363 million daily active users in third-quarter fiscal 2022.

Besides this, Snap has been aggressively focused on developing AR glasses for many years now. Though there isn’t an update on it, the company has had hundreds of developers from 30 countries in the last two years who have experimented with the next generation of Spectacles, building hundreds of lenses right in Lens Studio.

This Zacks Rank #3 (Hold) company is determined to achieve success with its AR glasses and though this looks a little far-fetched right now, it will be a remarkable and growth-driven achievement for the company once accomplished.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Per GlobeNewswire, Augmented Reality (AR) Market Size is expected to hit $461.25 billion by 2030. This wide market size has let many players jump into the industry along with Snap, the biggest being Meta Platforms (META Free Report) .

Meta is eyeing to usher in the metaverse as it is planning to build the metaverse as an independent e-commerce platform. To do so, it is investing heavily in augmented and virtual reality space, which could revolutionize how e-commerce works and could fill the gap between e-commerce and in-store shopping experiences., Inc. (AMZN) – free report >>
Walmart Inc. (WMT) – free report >>
Snap Inc. (SNAP) – free report >>
Meta Platforms, Inc. (META) – free report >>
Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days.
Recent stocks from this report have soared up to +178.7% in 3 months – this month’s picks could be even better. See our report’s 7 new picks today, absolutely FREE.
Privacy Policy No cost, no obligation to buy anything ever.
This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor’s Business Daily, Inc.; and Morningstar, Inc.
Copyright 2022 Zacks Investment Research 10 S Riverside Plaza Suite #1600 Chicago, IL 60606
At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.51% per year. These returns cover a period from January 1, 1988 through September 12, 2022. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.
Visit Performance Disclosure for information about the performance numbers displayed above.
Visit to get our data and content for your mobile app or website.
Real time prices by BATS. Delayed quotes by Sungard.
NYSE and AMEX data is at least 20 minutes delayed. NASDAQ data is at least 15 minutes delayed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.


Leave a Comment