Coming February 2020; your very own fully animated cartoon featuring your personal Snapchat Bitmoji!
Everyone loves a personalised experience. This is what Snapchat was aiming for when they introduced Bitmojis to the platform in November 2018.
A Bitmoji is like an avatar you can create which looks like you; surprisingly so! They are used in Bitmoji Stories, which are created by Snap and either features your Botmoji on an adventure or tell a short story alongside a friend.
Linking your Snapchat account with Bitmoji is really simple. Once you and your Snap friends are all linked, you can create Friendmojis to share.
In February next year, Snapchat is taking Botmojis one step further. I think this is key to changing their fortunes, being one of the few key differentials between other social media platforms.
Users will now be able to watch fully animated shows, featuring their own Bitmoji. If you have a Snapchat account already, you can view the trailer which will – of course – be starring you!
This new feature is called Bitmoji TV.
The troubles of Snapchat
2019 hasn’t been the rosiest of years for Snapchat, and it is high time for a change. Instagram stories have proven stiff competition for Snapchat with Facebook introducing their own stories function.
It is telling that with other platforms integrating and Snapchat increasing their collaborations, Bitmoji TV will not be shareable elsewhere.
This means users will have to share their animations through the platform. Any new users wanting to star in their own cartoons will need to sign up to Snapchat.
Social media market share
In quarter one of 2019, Snapchat published revenue with a 48% increase to $388 million. However, this was accompanied by a net loss of $255 million. This compares with a loss of $353 million in the comparable previous year.
At the end of quarter two in June 2019, the company reported an accumulative deficit of an astonishing $6.48 billion. That is a vast negative accumulation to try and offset.
Moving forward, Snapchat are looking to raise $1 billion in convertible debt in an effort to turn their fortunes around and start generating profits.
A declining market?
Snapchat isn’t the only social media firm to have had a troublesome year. Facebook is expected to publish earnings per share (EPS) of $6.26 against revenue of $70.2 billion.
That sounds impressive, but demonstrates a reduction in EPS of just over 19%. This is the first year where Facebook EPS has declined since their initial public offering (IPO) back in 2012.
It isn’t an audience problem if the numbers are anything to go by. It is reported that 90% of all young people aged between 13 and 24 in the US use Snapchat. A further 75% of people aged between 13 and 34 use the app.
There are 2.1 million snaps created every single minute across the world.
Earlier this year, Aswath Damodaran, a Finance Professor at New York University spoke to the Los Angeles Times about the reasons for Snapchat’s ailing fortunes. He said ‘Facebook has taken so much oxygen that everyone else is having trouble breathing. Snapchat is still attuned to a certain young demographic — it was the first video social media company. But it now needs to … find its niche and survive.’
Is Bitmoji TV that niche? Only time will tell.