Snap Monetizes AR Capabilities With AR Enterprise Services Launch - Snap (NYSE:SNAP)

Snap Inc SNAP today launched AR Enterprise Services (ARES), a new enterprise solution to enable businesses to integrate Snap's Augmented Reality (AR) into their owned and operated channels.
Through this offering, consumers will enjoy immersive and personalized experiences with their favorite brands, with a suite of advanced tools.
ARES' inaugural offering is for retail, and among the first customers are Goodr, Princess Polly, and Gobi Cashmere.
ARES unifies Snap's AR technology with technologies from Snap's acquisitions of Vertebrae, Fit Analytics, and Forma over the last two years.
ARES marks the first time Snap will sell to business customers its AR technology, which can enhance photos and videos of the real world with computerized images, said Jill Popelka, head of ARES, in an interview.
The enterprise venture also comes as Snap seeks to diversify its revenue beyond digital advertising, which currently comprises most of its revenue, Reuters reports.
The pricing model for business customers will be "very flexible," Popelka said. She added that specific arrangements with clients could allow Snap to earn a cut of product sales driven by Snap's AR tools.
The company is using AI to take a two-dimensional image and make it appear 3D without first building a 3D model. Popelka said that has helped shave off 40 to 60 hours in the creation of high-quality 3D images, which can now be done in as little as a few hours.
Price Action: SNAP shares traded higher by 8.33% at $11.96 on the last check Thursday.
Photo by thought catalog via Unsplash

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