CNN is ending its daily Snapchat news show, “The Update,” launched just four months ago — after concluding, at least for now, that it couldn’t make money on the initiative from advertising under a revenue-sharing model with Snap.
“Snap and CNN have built a great partnership over the years and our teams have enormous admiration for each other,” the companies said in a joint statement. “We plan to keep working together and mutually decided to hit pause as we explore the best opportunities for doing that.”
Even though the daily show will conclude at the end of 2017, CNN will “continue to experiment with Snap and publish to the platform,” a rep for the Turner-owned news unit said.
CNN was among the original launch partners for Snapchat Discover, which debuted in January 2015. Discover lets media companies post collections of text, images and videos — a format that’s different from Snapchat Shows, short-form, TV-like episodes shot in vertical orientation.
“The Update” was launched under CNN’s content-licensing deal with Snap the companies originally cut for the Discover platform, which is expiring at the end of 2017. Snap has been moving away from licensing content to revenue-sharing agreements, and the two parties are in talks about striking a new arrangement, according to a source familiar with the pact.
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Other Snapchat news shows that remain on the platform include the Snap-produced “Good Luck America” hosted by Peter Hamby and NBC News’ “Stay Tuned.” Hosted by Savannah Sellers and Gadi Schwartz, “Stay Tuned” drew more than 29 million unique viewers on Snapchat in its first month this summer (from mid-July to mid-August), Snap said.
NBC News says “Stay Tuned” continues to reach “tens of millions” of unique viewers each month, two-thirds of whom are under the age of 25. “We launched this show to reach a new audience. And we’ve been successful in that endeavor,” said Nick Ascheim, SVP of digital at NBC News Group. He added that producing a Snapchat show requires different skill sets (versus other formats) as well as “perseverance and a willingness to adapt.”
Snapchat’s Discover section also includes stories produced by the New York Times, the Washington Post, the Economist, the Wall Street Journal, BuzzFeed, NowThis News and Vice.
CNN, when it announced the launch of “The Update” in August, touted it as a rundown of the biggest news from CNN reporters and bureaus around the world. The show has run at 6 p.m. ET daily, with rolling updates for breaking news.
News of CNN’s decision to end “The Update” was first reported by the Wall Street Journal.