Snap Inc., the parent company of Snapchat, is developing a drone, according to a report.
The New York Times reported Tuesday that the company is working in the direction of developing the technology, quoting unnamed sources associated with the project. The purpose of the drone could be taking overhead images and videos. The report states that there is currently no clarity whether this could be a consumer technology like the Snapchat Spectacles or one of the company’s experimental projects which might be killed off in the future. The company declined to comment on the development.
The company had previously unveiled the Snapchat Spectacles — sunglasses that record short video clips.
A drone could actually be the way of the future for Snap Inc., as the company moves away from just running the Snapchat app to creating consumer durables and other hardware. Going by the company’s offerings such as the Spectacles, it has gone for developing innovative products rather than just developing everyday ones, like a camera. Also, it has remained true to its origins in photo and video development and has aimed towards enhancing its image as a company specializing in the same.
Evan Spiegel, Snap CEO, told investors in a video on Feb. 17: “We’re at the beginning of what cameras can do.”
Furthermore, the company’s public offering prospectus says: “We believe that reinventing the camera represents our greatest opportunity to improve the way that people live and communicate. Our products empower people to express themselves, live in the moment, learn about the world, and have fun together.”
The news could also be an indicator of what the company’s future holds. It needs to entice investors as it goes for its Initial Public Offering (IPO) on Wednesday and a New York Stock Exchange listing on Thursday. Its IPO is expected to the biggest one since Alibaba’s in 2014, according to the report.
The company has stated that it plans to offer the price of $14 to $16 per share, which could bring the total valuation of the company to be $22.2 billon.
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