In 2018, CNN will stop producing the daily show on Snapchat, titled “The Update”. The show was streamed on CNN in August, and it featured five news stories across the globe. The purpose of this show was to attract young viewers.
CNN provided the original content for Discover, a feature in Snapchat that was launched in 2015 to help users to read content from publishers. The two companies issued a joint statement in which they stated, “We plan to keep working together and mutually decided to hit pause as we explore the best opportunities for doing that.” Just after this statement was issued, shares of Snap ended at a rate of $15.13, sliding down by 1.5 percent.
The decision to cancel this show was a surprise to many as the show was doing well and seems to be quite a popular concept. When the program was launched, Snapchat’s senior director of content programming commented, “It’s more critical than ever that Snapchatters have access to the best journalism in the world, right when news breaks, and we’re excited to watch CNN deliver that to them through the update.”
Snapchat is quite popular among the millennial community, and the standout feature is messages that disappear seconds after they are read. However, it is facing tough competition from Facebook and Instagram, a photo sharing app.