Snapchat to launch new advertising tools

Snapchat is launching a new tool to help brands target app install ads to users that are most likely to install them.

An in-house machine learning algorithm is being used to ensure the ads are as well targeted to people as possible, Business Insider reports.

In a statement, director of monetisation product at Snap Inc. Peter Sellis, said: "We've been listening closely to direct-response advertisers and are excited to announce the ability to bid for installs in our auction.

"This is a new, cost-efficient way to drive app installs right from Snapchat."

The move sees Snapchat stepping up its competition with Facebook, which relies heavily on app install ads as a source of revenue.

Indeed, they generated nearly a fifth of the platform's advertising revenue in 2015.

Snapchat has also enhanced its ad targeting tools, so brands can reach those who had engaged with their ads on the platform in the past.