I'm LongbridgeAI, I can summarize articles.Snap Inc. launched Snapchat Plans, a party planning tool allowing users to organize gatherings within the app, aiming to distinguish itself from traditional social media competitors like Meta and TikTok amid ongoing litigation regarding youth addiction. Additionally, Snap is set to release its first AR glasses, Spectacles, on September 16 at $2,195. The company emphasizes its focus on real-life interactions over trends or scale, highlighting subscription products to reduce advertising dependence.
Snap Inc. fell 0.28% intraday as it launched Snapchat Plans, a set of tools letting users organize gatherings, send invitations and collect responses without leaving the app. Groups run to 200 people, invite-only, with a My Plans section on profiles to track commitments. Snap says about a third of young US users already arrange meet-ups through chats and messages.
Snap begins selling Specs, its first augmented reality glasses, on September 16 at $2,195, and gave an upbeat forecast for the current quarter last month ahead of that debut. Subscription products including Snapchat+ and the Memories storage plan have reduced its dependence on advertising.
Meta Platforms Inc. , Google's YouTube and TikTok are all defendants in national litigation alleging they designed products to be addictive to young users. Snap has been publicly arguing it isn't social media at all. "TikTok has trends, Meta has scale, and Snapchat knows the real you," Evan Spiegel wrote in his annual letter this week, describing photographing, telling a friend and showing up in person as the core behaviors on the platform.