American cable television company Time Warner and Snap recently made an announcement regarding entering into an accord to expand original shows for messaging service Snapchat for over the next two years. However, both the companies as of now did not reveal the financial terms but a source well-known with the matter said that the deal was valued at $100 million (roughly Rs. 645 crores).
As an important part of the deal, the media company's HBO, Turner and Warner Bros units will advertise on Snapchat as they attempt to clutch the attention of millennials, who are more and more moving to mobile and online from traditional pay-TV.
The Time Warner said it look forward to to air three shows on per day basis by the end of this year. As of now, Snapchat airs only one show per day for its users, which classically lasts for three to five minutes.
Over a certain period of time, Snap has been functioning with several media companies and studios such as NBC, ESPN, BBC and Discovery Networks.
"We're confident this partnership will help drive larger audiences to our shows," said Gary Ginsberg, Time Warner's marketing and communications head.