Shares of Snap Inc. rallied on Monday after the social media company made progress in its efforts to increase the role of music on Snapchat and expand its relationships in the telecommunications industry.
The company has reached an agreement with Sony Music Entertainment, in which the label will be able to include the music of its artists among the sounds available on the Snapchat application. Snap SNAP,
It already includes songs from other labels, but this arrangement will expand the selection Snap offers users who want to add music to their photos and videos.
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Snap plans to do more with music on the Snapchat app as it integrates music into its augmented reality lenses. The company noted in a blog post on Monday that it intends to roll out a series of new lenses soon, including one that comes with a built-in song, one that transforms photos to make the person being photographed look like sings, and another that adds effects to make Snapchat users feel like they’re in a music video.
The company also appears set to deepen its relationship with the telecommunications industry. He reportedly hired Anne Laurenson to be his managing director of global carrier partnerships, according to The Hollywood Reporter. She will work with carriers on accessibility initiatives as well as efforts involving Snap’s Spectacles eyewear, according to the report.
Snap shares are up nearly 4% in Monday afternoon trading. They have gained 38% in the past 12 months as the S&P 500 SPX,
increased by approximately 31%.