- Business Insider/Nick Vega
The famous dancing hot dog will soon have a lot of highly-monetized friends.
Snap announced, on Thursday, that advertisers will have the ability to create their own versions of the dancing hotdog and make their creations available to either national or to targeted audiences, and the stock is rising.
Snap is up 2.05%, and is trading at $14.41.
The company is attempting to jump-start its advertising business by offering unique products to advertisers. Its dancing hotdog filter was immensely popular and Snap estimates that the filter was viewed 2 billion times.
The new sponsored filters will be able to be moved around, re-sized and animated. Brands Warner Bros and Bud Light have been testing the new ad product already.
Recently, Snap has been struggling against its social media rivals Facebook and Instagram. Instagram has been copying Snap’s new features on a regular basis making it difficult for the company to differentiate itself in the crowded ad market.
Snap shares are trading 15.29% below their initial public offering price of $17.
- Markets Insider