The company has engaged in discussions with advertisers and media companies in the last few weeks in relation to start a new service called Snapchat Discovery, which would show content and ads to the users, according to people familiar with the matter.
A source revealed that Snapchat Discovery is likely to start in November 2014. The source also claimed that at least a dozen media companies, including newspapers, magazines and television networks, have been roped in to provide content for this Snapchat update.
The new service by the company could result in its first revenue and show its potential value to investors. The start-up managed to raise an amount worth more than USD2 billion in 2013 and also rejected an acquisition offer of nearly USD3 billion by Facebook. The company since then is looking to generate money from investors at increasingly high valuations.
The company has not yet officially revealed its number of users, but researcher comScore has claimed that it is estimated to have 27 million people who used the app on iPhones and Android phones in June, compared to 11 million a year ago.
David Berkowitz, Chief Marketing Officer at ad agency MRY, has been quoted saying that “Snapchat has been laying a lot of groundwork for making it a place that is safer for brands.”