During the 2024 IAB NewFronts event on Wednesday, Snapchat introduced a range of new augmented reality (AR) and machine learning (ML) tools created to assist brands and advertisers in engaging with users on the social platform through interactivity.

The company shared that it invested in ML and automation to ramp up the creation of AR try-on assets for brands. Snapchat has already joined forces with companies such as Amazon and Tiffany & Co. to allow users to virtually try on various products in the app. By reducing the time needed to develop these AR try-on assets, Snapchat plans to help brands swiftly shift over more of their 2D product catalogs into interactive try-on experiences.

Additionally, brands can now leverage generative AI technology to craft custom Lenses for branded AR ads. Snapchat said that by using this innovative capability, brands can input a basic text or image prompt to generate a clear ML model. This model can incorporate lifelike face effects into a Lens. This, in turn, can be leveraged as AR ads on the social media platform.

Snapchat also showcased new AR Extensions, enabling advertisers to seamlessly integrate AR Lenses and filters into various ad formats across the app. These include Dynamic Product Ads, Collection Ads, Spotlight Ads, Snap Ads, and Commercials.

Snapchat is one of the first companies to integrate AR technology and reported that, on average, over 300 million people interact with AR on its app daily.

The release of these new tools for brands and advertisers comes shortly after Snap revealed that its Q1 2024 revenue shot up by 21% to $1.195 million, largely due to efforts made to enhance its advertising platform. Additionally, Snap highlighted an 85% year-over-year rise in small and medium-sized advertisers on Snapchat.

On Wednesday, the social media giant said that it’s giving significant attention to investing in its ad business and that it’s “encouraged” by the surge in demand seen recently.

At the IAB NewFronts event, the company also revealed that it is launching a sports channel on Snapchat called the “Snap Sports Network.” The platform will feature nontraditional sports such as dog surfing, water bottle flipping, and extreme ironing. It will showcase a blend of user-generated content and scripted content hosted by Snap Stars.

Additionally, Snapchat is growing its partnership with Live Nation by introducing a new Snap Nation Public Profile that will “feature exclusive behind-the-scenes content from concerts.” Snapchat intends to compile stories from Live Nation concerts and festivals, showcasing content from users who are publicly sharing their experiences at these events.

This article was originally published by Lavina Suthenthiran for RetailWire. Read the original article here.