Snapchat Flexes Generative AI Muscles With New Augmented Reality Lenses: Report – Snap (NYSE:SNAP)

Snap Inc SNAP announced the roll-out of new augmented reality experiences on Tuesday.

What Happened: According to Reuters, the new features allow Snapchat users to generate more realistic special effects when using the platform’s lens tool.

Lenses and filters, key hallmarks of Snapchat’s platform, allow users to digitally alter their faces in real-time. Lenses, which use three-dimensional effects to transform the user’s image, are a more advanced form of filters.

Additionally, the company announced an upgrade to its developer program Lens Studio. The platform allows artists and developers to create AR features for Snapchat. Generative AI will allow users to automatically generate images for lenses. Compatibility for the general public will hit the platform in the coming months.

See Also: Economist React To May Retail Sales Data: ‘Consumer Spending Is Cooling In A Fairly Orderly Fashion’

Why it Matters: Though still down over 80% since its peak during the COVID-19 pandemic, Snap’s share price has appreciated substantially in recent months. Executives have attempted to improve the platform’s advertising monetization following disappointing financial results.

The potential success of Snapchat’s foray into generative AI could counteract declining user growth which has plagued the platform in recent years.

Price Action: SNAP traded at $15.78, down 0.38% on the day at the time of writing.

Now Read: The ‘AI Big 10’: 10 AI Stocks Now Comprise 28% Of S&P 500, Up From 14% In 2023

Image: Shutterstock