Snap to challenge Netflix in new turn to original scripted content

Snap has today announced it has expanded into the realms of original content, with 12 new shows lined up from the creators of popular TV shows such as Riverdale and Keeping Up With The Kardashians.

Each of the 12 series will release new episodes daily, and be monetised by up to six seconds of unskippable advertisements. The move comes as Snap's chief executive Evan Spiegel said in a leaked memo the loss-making tech firm is aiming to achieve profitability in 2019.

Shares in Snap have fallen more than 52 per cent to date, and yesterday fell over six per cent to a fresh low of $7 per share after an analyst cast doubts on Spiegel's goals.

Michael Nathanson, an analyst at Moffatnathanson, predicted Snap will fall "woefully short" of profitability and estimated a total loss of over $1.5bn (£1.1bn) next year.

Read more: Snap exodus continues as comms boss announces departure

Several major producers have signed up to come on board, with Kardashians-creator Bunim/Murray producing two shows including Growing Up Drag, a documentary about the coming-of-age of teenage drag queens, and Young Hollywood docudrama Endless Summer.

Snap Originals will also feature Portal lenses, using augmented reality to allow viewers to "step inside" scenes from a show. 

Snap lost 3m in daily users and sank to 188m in total users last quarter, equating to roughly $353m in revenue. Several of its top-tier staff have also left the firm in recent months, including its chief strategy officer Imran Khan.

Snap's share price rose one per cent in pre-market trading as the news broke.