Snapchat is reportedly working on bringing music to its platform
So far, 2019 has been a blockbuster year for Snap (SNAP). The company seems to be taking the right steps to return to user growth. The company’s numbers have been impressive. Snap stock has more than doubled in 2019.
After disclosing earlier in 2019 that it will be hosting a gaming platform, Snap has been working with major labels including Sony Music Entertainment, Universal Music Group, and Warner Music Group to bring music to its platform, according to a report by the Wall Street Journal. Snap stock rose 4.0% on May 24 after the report.
Snapchat was able to gain users in the first quarter
Snapchat would be able to allow users to add music to their posts, like the Chinese sensation Tik Tok and Instagram. Snapchat won’t be competing with the likes of Apple Music and Spotify. Snapchat’s right will be limited to users adding music to their posts, according to the Wall Street Journal. However, the new feature could make Snapchat Stories more fun to watch.
After not being able to add daily active users for three quarters, Snapchat added 2 million users during the first quarter. The new music feature could help the company retain users. Snapchat’s recently announced and rolled out features like gaming and the re-engineered Android app will likely help the company retain and gain users.