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From Camera Drones to Augmented Reality, Here Are Snapβs Newest Products and Features
Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Social media giant Snap is selling a new product that could change the way you see the worldβbut no, itβs not the companyβs long-awaited augmented reality glasses.
On Thursday, the Santa Monica-based firm launched a flying camera called Pixy, a pocket-sized drone that could take your next selfie from an aerial view. The Snapchat-connected drone was probably the biggest surprise from Snapβs Partner Summit, an annual event when the company shares updates on its products, features and partnerships.
But Pixy wasnβt the only major announcement. From augmented reality (AR) at concerts to a new way to shop online, here are some highlights from the Snap summit:
Virtual Dressing Rooms
Snap is launching a Dress Up tab on the Snapchat app where users can virtually try on apparel using augmented reality. The company has already deployed AR shopping, but Dress Up will create a dedicated destinationβjust a tap away from the appβs cameraβwhere users can browse items, share looks and bookmark outfits and accessories.
To date, AR shopping has allowed Snapchatters to preview 3D models of sneakers on their feet or sunglasses on their faces using their smartphone cameras. On Thursday, Snap announced users can now virtually try on clothes using full-body photos, with Snap overlaying products onto the pictures.
Snap has pitched AR as an innovative way for brands to advertise, drive sales and reduce item returns. Most shopping experiences on Snapchat link to an external website for customers wanting to buy products, a spokesperson said.
The company is now offering new software tools to make it easier for retailers to make AR versions of their items, using existing product images. Snap also announced that companies can integrate its AR try-on experience onto their own platforms; Puma will be the first company to use the technology to let shoppers digitally try sneakers directly on its own app.
Snap's AR tech allows users to try on sneakers using their smartphones. Courtesy of Snap
AR at Music Festivals
Snap has recently taken steps to bring AR experiences to physical locations like local landmarks and small businesses. Now, Snap is bringing AR to music festivals through a multi-year partnership with Beverly Hills-based Live Nation.
Starting with the Electric Daisy Carnival next month in Las Vegas, concertgoers can use AR to try on merchandise, find friends and discover AR experiences around the festival grounds. Other festivals that will be deploying Snapβs AR include Lollapalooza in Chicago, Wireless Festival in London, Rolling Loud in Miami and The Governors Ball in New York, the company said.
Snapβs New Camera Drone
As mentioned, Snap will now sell a pocket-sized flying camera called Pixy. CEO Evan Spiegel pitched the device as a new creative tool allowing users to capture photos and videos from new, aerial angles.
The mini-drone comes with four preset flight paths that users can select with the press of a button, no controller needed. Pixy βknows when and where to returnβ and lands gently in the palm of your hand, Spiegel said. From there, users can wirelessly transfer the aerial shots to their Snapchat accounts.
The Pixy device costs $230 to buy. Snap advised customers to check out their local laws and regulations around drones before letting Pixy take flight.
Snapβs AR glasses, meanwhile, are not yet for sale. The latest Spectacles are currently being tested by βhundredsβ of developers whoβve received early access, according to Sophia Dominguez, Snapβs head of AR platform partnerships.
Director Mode for Creators
Speaking of creative tools, Snapchat is rolling out a new suite of camera and editing features, called Director Mode, allowing users to make more polished content.
One feature will allow creators to use a smartphoneβs front-facing and back-facing cameras at the same timeβletting them record whatβs in front of them while capturing their reaction simultaneously.
Snap is also making it easier to seamlessly transform the backgrounds of videos through its Green Screen modeβsimilar to an existing feature on TikTokβwhile its Quick Edit mode lets users easily edit together multiple Snaps. Director Mode will roll out on Apple devices in the coming months, followed by Android devices later this year.
Snap has allowed creators to attach AR experiences to physical locations. Courtesy of Snap
Big User Numbers
In addition to new products and features, Snapβs executives touted the size and engagement of the companyβs user base.
Snapchat now reaches more than 600 million monthly active users, they said Thursday, up from the 500 million reported last May. Last week, the company reported it had 332 million daily active users.
As TechCrunch recently noted, Snapchat has been growing faster than rivals Facebook and Twitterβthough TikTok remains the dominant social media app of the moment, with the most downloads in the first quarter of this year and more than 1 billion monthly active users as of last year.
Snapchat users have embraced its AR offerings, with people interacting with the appβs AR Lenses 6 billion times per day on average, Spiegel noted.
βWhat was once a far-off vision for computing overlaid on the world through augmented reality is possible today through our camera,β he said.From Your Site Articles
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Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
TrueCar Could be Acquired in the Next Month, Says Analyst
01:04 PM | February 27, 2020
The struggling Santa Monica-based TrueCar, which operates the nation's fourth largest online automotive marketplace, is ripe for an acquisition as soon as the end of next month, according to a new research note from the global financial services firm BTIG.
"Based on our inbound call volume, we believe many investors are wondering if TRUE is now an acquisition target," wrote analyst Marvin Fong.
BTIG says the answer is a strong maybe, given that TrueCar has several attributes of an appealing takeover target, including an empty CEO seat, a small group of big shareholders who own a considerable number of shares, and an attractive set of data on shoppers that would be useful to bigger companies.
BTIG thinks a takeover could happen in the next few weeks because TrueCar's board has said it expects to name a permanent CEO by March 31, which the bank believes would be seen as a sign the company is not for sale. Even if a deal does not happen soon, BTIG puts the odds at better than 50/50 that TrueCar is not a standalone company within the next 36-48 months.
"We see the merits of this idea as the overall listings space is stagnant and cost synergies could be meaningful, making consolidation a potentially value accretive route," Fong wrote.
TrueCar has been on a wild ride since serial entrepreneur Scott Painter founded the company in 2004.
It quickly became one of L.A.'s hottest startups after it appeared to be able to disrupt the half-century-plus relationship between consumers and auto dealerships. But dealerships were not about to go quietly, and in 2012, thousands of dealers exited the TrueCar network amidst complaints about bidding wars that meant they were losing money on transactions.
Still, the company went public two years later and shares have gone from a high of $25.00 to under $3 a share this week.
Michael Darrow has served as TrueCar's interim President and CEO since Chip Perry stepped down in June. Perry had been in the post since the end of 2015, when Painter departed.
In 2018, changes to Google's search algorithm caused a steep decline in TrueCar's website traffic. Just as the company was recovering from that and improving its SEO, USAA recently announced it would end its lucrative partnership, which brought in 29% of TrueCar's unit sales, in October.
USAA remains TrueCar's fourth-largest shareholder with about 9 million shares, which represents 8.5% of the stock.
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Ben Bergman
Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.
https://twitter.com/thebenbergman
ben@dot.la
Billion-Dollar Milestones and Snapchatβs New Features
11:30 AM | October 25, 2024
π¦ Spotlight
Happy Friday Los Angeles!
This weekβs spotlight showcases LAβs thriving tech scene, featuring Snapchatβs latest feature updates and two local startups Liquid Death and Altruist, making TechCrunchβs Unicorn List for 2024.
Image Source: Snap
Snapchatβs recent fall updates bring fresh features, including a new iPhone camera shortcut for instant snaps, Halloween-inspired AI-powered Lenses, and Bitmoji costumes inspired by Mean Girls and Yellowstone. Bitmoji stickers now reflect trending Gen-Z expressions like βslayβ and heart symbols for added flair in chats. Plus, the βFootstepsβ feature on Snap Map allows users to track their past adventures privately, adding a nostalgic touch.
Image Source: Liquid Death
ICYMI, two LA startups joined the Unicorn Clubβachieving valuations over $1 billion. Liquid Death, based in Santa Monica, is a canned water company with edgy branding and a humorous sustainability focus. Known for viral marketing and brand partnerships, it redefines bottled water as a lifestyle brand and environmental statement. In March, Liquid Death closed $67 million in strategic financing, raising its total funding to over $267 million and valuing it at $1.4 billion.
Image Source: Altruist
Altruist, a Culver City-based fintech platform, offers financial advisors streamlined tools to better serve their clients. With a user-friendly investment and account management platform, Altruist has gained strong traction in the finance world. In May, it announced a $169 million Series E funding round, bringing its total funding to over $449 million and earning a valuation of $1.5 billion.
Together, Liquid Death and Altruist exemplify LAβs capacity for innovation across diverse sectors, from lifestyle branding to fintech. Whether reshaping financial tools or redefining sustainable branding, these companies showcase LAβs unique entrepreneurial spirit. Go LA!
Check out TechCrunchβs 2024 Unicorn List here. And donβt miss Snapchatβs latest featuresβperfect for adding some fun, connection and maybe a few selfies this weekend!
π€ Venture Deals
LA Companies
- Carbon Ridge, a developer of carbon capture technology for the maritime industry to reduce ship emissions, has raised $9.5M in a funding round led by Crosscut Ventures and Western Technology Investment (WTI). This investment will help accelerate the decarbonization of maritime shipping. - learn more
- Freeform, a company bringing AI to metal 3D printing, raised $14M in funding from NVIDIAβs NVentures and AE Ventures to further develop its AI-powered 3D printing technology for industrial-scale production. - learn more
LA Venture Funds
- Anthos Capital participated in a $70M Series D round for Carbon Robotics, which develops AI-powered robotics for precision agriculture, and the funding will be used to accelerate the growth of its autonomous weeding technology. - learn more
- Anthos Capital participated in a $3.5M seed round for Plasma Network, aimed at expanding access to USDT stablecoins on the Bitcoin network, with the investment supporting the networkβs growth and efforts to enhance stablecoin accessibility through the Lightning Network. - learn more
LA Exits
- Grandview, a literary management company representing top talent across various entertainment sectors, has been acquired by TPGβs newly formed entertainment venture, Initial Group, in partnership with Untitled Entertainment. - learn more
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