Snapchat drops the ‘chat’

Snapchat has announced a name change and introduced a new product called Spectacles – sunglasses featuring a built-in video camera that enable wearers to capture and transfer moments to Snapchat.

The company’s new name, Snap Inc., is a reflection of its evolution beyond its namesake app said co-founder and CEO Evan Spiegel in a blog post. In addition to Snapchat, Snap Inc. has added products including Stories, Memories and Lenses to its product portfolio over the past five years.

Spiegel said the change would enable people searching for Snap’s products to find relevant information rather than “boring” company information or financial analysis. “You can search Snapchat or Spectacles for the fun stuff and leave Snap Inc. for the Wall Street crowd,” wrote Spiegel.

The new Spectacles product enables users to capture a day’s worth of “snaps” on a single charge. The product features a 115-degree field of view and enables users to transfer the content directly to the Snapchat app via Bluetooth or wifi. The videos use a circular format and play full screen on any device in any orientation.

The company did not disclose a price for Spectacles or when they would be available.

Snapchat is increasingly popular with marketers looking to connect with younger consumers, with brands including A&W, Mac’s Convenience Stores and Taco Bell all launching marketing programs around the app in recent months.

Research firm eMarketer is predicting Snapchat’s ad revenues to hit US$935.5 million in 2017 (up from US$366.7 million this year), rising to nearly US$1.8 billion by 2018. Non U.S. revenues are expect to hit US$131 million this year, rising to US$440 million – or one-quarter of global ad revenue – by 2018.