SNAPCHAT & BRANDS: THE IMPACT OF LIVE STORIES
Live streaming, user-generated content and the partnership between Snapchat and Live Nation were discussed during “Snapchat and Brands: The Impact of Live Stories,” a LiveFronts panel moderated by BRaVe Media Ventures Co-Founder Jesse Redniss. Kevin Chernett, Live Nation’s EVP of Global Partnerships and Content Distribution, was joined by Ben Schwerin, Snapchat’s Director of Partnerships on the panel.
Organic partnership growth and the importance of live experiences were emphasized by both panelists when discussing the intersection of Live Nation’s festivals and Snapchat’s platform.
“What’s unique about the Snapchat opportunity is that we think it’s the best way to get the vibe of what’s going – different from seeing the performances, which is a different experience,” Chernett said. “The engagement levels are ridiculous. In general, over 85 percent of people are doing something or sharing something at our events, but most of them are through Snapchat.”
Schwerin provided an extensive look into the continuously-growing platform that is Snapchat. The service has had 1.5 million submissions from Live Nation events, 150 million daily active users – of which more than half are from outside the U.S., and its Live Stories feature draws between 10 and 20 million viewers per day. Two-thirds of Snapchat daily users create content every day.
“It’s important to think of this as an experiential product that is complementary to a live stream,” Schwerin said. “A proportionally small amount of people get to attend these events. We think the next best thing to attending the event is watching the Live Story. We want to encourage people going to live events.”
“Live streaming is a huge part of our business,” Chernett added. “We stream agnostically across all platforms.”
The partnership has been a success for both parties, with Snapchat having 48 million unique viewers consume more than a million hours of content across 18 Live Nation events this year. Both Schwerin and Chernett believe that there are myriad opportunities for brands to activate around live events.
“We love the opportunity of taking the festival sponsors and giving them not just the experiential opportunity on the ground to reach 100,000 people, but we can reach millions more globally and extend that reach,” Chernett said. “As Snapchat has grown, so has our partnership globally.”
Snapchat’s Live Stories are not just about the fan’s perspective, “but about the backstage perspective as well,” according to Schwerin. He noted that earlier adopters included famous DJs like Calvin Harris and Tiesto, and that having engaged artists is very important.
“60 percent of U.S. smartphone users 13 to 34 are Snapchat users,” Schwerin said. “These are people who are consuming content and we think are likely to buy tickets themselves or say to their parents, ‘Hey can you buy me tickets to this show?’”
Measurement was an important topic covered late in the discussion, specifically around the SnapAd product and its potential to extend partnerships and sponsorship activations.
“More than two-thirds of the ads on Snapchat are viewed with the sound on,” Schwerin said. “Some of the best ads are contextually relevant. They fit in the Live Stories. It’s a less jarring experience and good when brands can do that.”
“Advertisers are becoming more and more used to the medium,” Chernett said. “The success of Snapchat is as important to us as anyone else.”
Schwerin, Chernett and Redniss also emphasized live content and monetization, while hinting at the importance of upcoming products such as Snapchat’s Spectacles and potential applications in the virtual reality space.