Snapchat has launched a series of new ad products and platform improvements, including an improved Lead Gen suite, optimisation for App Advertisers, and a new ad product named First Lens Unlimited.

It comes part of the social media giant's ongoing efforts to cater to the full range of the customer journey, with the number of active advertisers on Snapchat having more than doubled year-over-year.

The social media giant's Q2 2024 earnings report highlighted progress in its Direct Response (DR) business, with a focus on larger Machine Learning (ML) models, improved signals, and more performant ad formats. Financially, the Snapchat recorded a 16 % growth to revenue in the June quarter, with adjusted EBITDA up 243%, coming from the negative in the same period last year.

Snapchat's recent product updates include more expansive optimisation choices and new brand-specific ad formats. The improvements to Snapchat's Lead Gen suite include integration with Zapier, better signal usage, enhancements to reporting latency, and overall ease of use. For app-based advertisers, Snapchat has introduced new bidding capabilities designed specifically for the mobile gaming category.

The company is also testing a Value Optimisation offering for app advertisers, which allows marketers to bid on the basket value of purchases driven. New top-of-funnel takeover products for advertisers have also been launched, including First Lens Unlimited and State Targeted First Story.

Snapchat has also announced AR Extensions for businesses, extending their AR advertising products beyond the camera to all of their ad surfaces. The company's ML and AI-powered Creative Tools include the ML Scribble World Lens and the GenAI Copy Generator.

The company plans to continue focusing on larger ML models, scaled signals, and performant ad formats, while leveraging AR as a powerful tool for brand-oriented advertisers.