According to a report from Reuters, Snap Inc., owner of Snapchat, announced that it plans to raise $1 billion in short-term debt in order to invest into media content, augmented reality (AR) features, and potentially acquire other companies.
“We will continue to focus on developing our content, gaming, and augmented reality platforms to enhance the Snapchat experience for our community,” said Evan Spiegel, Snap Inc.’s chief executive, in a memo to employees seen by Reuters.
The move to further invest in AR for Snapchat is likely to build upon service offerings for the company’s users and advertising partners, as Snapchat introduced a slew of new AR lenses in this year alone for brands like Chiquita, Game of Thrones, Stranger Things, and the Shazam! movie. However, Snapchat’s AR investments are also probably aimed to keep them competitive, as big partners like Pepsi partner go with Instagram instead of Snapchat for the soft drink company’s AR summer campaign, and Instagram’s parent company Facebook chips away at their own AR glasses. While Snap Inc. is by no means doing poorly, these AR developments will aid their latest product offering – the Spectacles 3, a high-end pair of AR sunglasses.
