Snapchat to soon become a news, video and ad platform for brands

Soon you’ll be seeing ephemeral ads, news and videos from brands as well as ephemeral messages from your friends in Snapchat.

According to The Wall Street Journal, Snapchat is working on a new service called Snapchat Discovery that will show branded content to users of the popular app:

The product would let users read daily editions of publications as well as watch video clips of TV shows or movies by holding down a finger on the screen, like they do with photos and other messages on the app before disappearing.

Snapchat is said to have been in talks with advertisers and media companies, including newspapers, magazines, and television networks, regarding possible partnerships on Snapchat Discovery.

Reportedly set for launch in November, Snapchat Discovery is Snapchat’s first foray into revenue generation, which is likely to further increase its valuation.

Last year, Snapchat was valued at more than $2 billion and courted by Facebook with a $3 billion acquisition offer.

Launched in July 2011, Snapchat has gained immense popularity among users who enjoy sending and receiving “disappearing” messages — prompting various clones from other companies, most notably Facebook, which recently released Slingshot and whose Instagram division recently soft-launched Bolt.

Optimized for iPhone and iPod touch, Snapchat is available on the App Store for free.