Snapchat is cat3movieremoving local stories, the 24/7 city-based feeds, from the app. The decision means laying off about 15 people, Bloombergreported Wednesday.
“A small number of Local Story curator positions were eliminated in our Los Angeles and New York offices, as the result of changes to our Local Story Coverage,” Snapchat said in a statement to Bloomberg. “We’re thankful for the contributions from these team members.”
Local stories were feeds of photos and videos curated from and shown in particular cities, including New York, Los Angeles and Paris. On Wednesday, the New York story was still available and featured videos from a fundraising event for Democratic presidential candidate Hillary Clinton.
These stories, updated daily and available 24/7, were accessible alongside curated feeds from live events such as sports games and music festivals. Some of those live stories are done through official partnerships. Snapchat has inked deals with Major League Baseball and iHeartMedia, for example. In those partnerships, they split the ad revenue.
Snapchat is opting for official deals for major events over localized content
With this move, it seems that Snapchat is opting for official deals for major events over localized content. Local stories were not as popular, an anonymous person familiar with the matter told Bloomberg. Indeed, their potential audience was limited to one city rather than Snapchat's 150 million daily active users.
Making it onto the feed was still highly competitive. Curators received about 20,000 submissions, and they selected only 50 to 60 to show every day for each story, Timereported in September 2015.
Local stories are not completely going away, but instead of being folded into one 24/7, city-based feed, they will be broken out. Stories geofenced to one area could be made for certain occasions, such as breaking news events and concerts.
The Venice, California-based company is working aggressively to define its business model as it competes more closely with Facebook's Instagram, which launched a similar stories feature last month. The company, valued at $18 billion, is also anticipating an initial public offering.
Snapchat's revenue is expected to rise by 150 percent year-over-year from $360 million to $935.5 million in 2017, according to eMarketer.
Snapchat has been seeking more exclusive content and granting more publishers access to creation, not just curation tools. For instance, the National Football League is building a Discover channel, instead of just being involved in live stories as they were in the past. NBC teamed up with BuzzFeedto create a Discover channel for the Olympics.
Topics Snapchat Advertising
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