Snap, which owns the popular Snapchat virtual platform, believes that augmented reality will be one of the most significant advances in the area of computing ever seen in the world.

Evan Spiegel, CEO of the mentioned firm, said this week during the quarterly earnings report that Snap considers augmented reality as one of its strategic priorities. According to him, the company has never worked on something so profound and meaningful. In this context, he also stated that augmented reality allows Snap to introduce digital technologies into the world around it and transform the standard practice of human interaction with computers in the space of format of everyday life. The company’s relevant tools are already being used by advertisers, creators, and Snapchat users.

Augmented reality helps brands to create a more interesting shopping experience. In this case, virtual storefronts and try-on rooms can be used. The creators apply augmented reality tools to expand monetization opportunities. They also use these tools to generate additional aspects of the digital space in Snapchat.

Evan Spiegel says that on average, more than 300 million people engage with augmented reality on the specified virtual platform every day.

In the first quarter, Snap launched AR Lens creation based on artificial intelligence. The company is considering this solution to grow and deepen engagement with its community. The firm has also launched an AR advertising offering called Sponsored AR Filters, which scales the reach of advertisers using Snapchat’s camera. Moreover, an improved AR Carousel ranking model debuted last quarter.

Snap’s revenue for the first quarter of 2024 was $1.19 billion. This indicator increased by 21% compared to the result for the same period last year.

As we have reported earlier, Snapchat Tests Ad-Free Subscription Tiers.