As television continues to evolve, many social media networks are looking for ways to provide alternative forms of entertainment to people looking to fill the void of cable television. For instance, Facebook has turned to companies like WWE to create original content while Twitter has partnered in the past with the NFL.
Jumping on this bandwagon was Snapchat. One of their original forms of content comes from CNN. Together, the two companies created a Snapchat-only show called, The Update.
This original show was a daily program that contained second-day news. This new endeavor was launched four months ago. Now, CNN is pulling the plug.
Citing money woes, The Wall Street Journal, reported that CNN reached a “realization there wasn’t a clear enough path to make money.”
When the deal was originally struck, the media giant from Atlanta was receiving a monetary boost due to licensing fees. However, those are set to expire, leaving the only income to be generated through advertisement. This has proven not to present many financial gains.
The twosome are claiming an amicable breakup. They released a joint statement saying,
“Snap and CNN have built a great partnership over the years and our teams have enormous admiration for each other. We plan to keep working together and mutually decided to hit pause as we explore the best opportunities for doing that.”
While CNN is pulling the plug on their Snapchat venture, NBC News will continue with their project called, Stay Tuned. On this short-form show, the news channel drops original content twice a day and once on the weekends.