The Snapchat cash machine continues to run wild.
According to the Financial Times, Snapchat is planning to launch a new advertising format that charges companies as much as $750,000 per day to sponsor recently launched photo filters known as lenses. The new format is set to launch in time for Halloween, with the ephemeral messaging app charging brands the top tier price of $750,000 to sponsor lenses on peak usage days like holidays. Off-peak days could go for as low as $450,000 per day.
Yes, Snapchat has finally figured out how to monetize the selfie.
Even as tech startups go, Snapchat has been particularly effective at coming up with new ways to make money off its large userbase. The company in mid-September began offering users the ability to replay a set of three replays for 99 cents. And its Snapchat Discover feature, which launched in January, puts well-known publishers like CNN and ESPN in front of its vast audience—an audience that's then handsomely monetized by Snapchat.