Snapchat is asking major retail brands for $750,000 a day for its new ads, Adweek reported Wednesday.
The magazine, citing multiple industry sources, said the messaging app start-up is "apparently convinced of the value of a platform that reaches a teenage audience" and has "started asking brands for $750,000-a-day commitments."
Snapchat, which specializes in messages that self-destruct, only started running ads in October of last year. McDonald's, Samsung, Macy's and Electronic Arts have been early Snapchat advertisers, Adweek reported.
Adweek reported that some advertisers thought the ad rate a bit pricey. Snapchat declined to comment to Adweek. (Full story here)
The firm has raised $485.6 million in venture funding, according to reports, and is expected by many observers to eventually go public. Indeed, it was listed as one of the most publicized tech start-ups in 2014.