Cheddar, a digital-first investment and business news network, made waves when the company launched its 24/7 network on Twitter. Being one of the first networks of its kind, Cheddar has carved its place among new media heavy-hitters and other startup networks as a credulous source–with a slight fiscal conservative bias.
Now, according to a cursory report from Axios, Cheddar has launched a new business news channel on Snapchat’s Discover platform. In the aftermath of Snap’s (NYSE: SNAP) ambitious redesign and launch of the popular photo-sharing app, following its overhyped initial public offering, publishers and social media outlets who’ve grown dependent on the platform and its massive audience are actually worried over performance and traffic numbers. According to an April 2017 report from New York magazine’s Select All blog, publishers working on the Snapchat Discover platform are concerned about the potential for major failures.
“Just ask the social-media managers and producers working on Snapchat Discover stories in partnership with the company,” writes Madison Malone Kircher. “Since the app was redesigned [earlier this year], publishers say numbers have been disconcertingly all over the place — so all over the place, in fact, that Snap has quietly invited publishers on both coasts to attend daylong summits this month to hopefully sort things out.”
These claims can be attributed to a Business Insider piece from January indicating that overall traffic to the Discover feed is only 20 percent, or 38 million users, of the platform’s 178 million daily users. Cheddar leadership, despite these concerns from competing publishers and external analysts, is confident that the so-called “CNBC for millennials” can hold its own.
"I think our partnership with Snap and being on their platform is a BIG part of us building the #1 financial/business news brand for centennials," said CEO and founder Jon Steinberg in a statement. "It is WHERE that audience lives." It should be mentioned that no outlets have actually pegged down the immediate audience and specific demographic information that appeals to Cheddar’s digital streaming content.
Cheddar intends to release new stories at 6 AM Eastern Standard Time every day. According to a report from Axios, these reports will cover everything from “personal finance, career news, innovative business news, and cryptocurrency.” Snapchat content will be an addition to Cheddar’s constantly growing portfolio of digital networks.
Not too long ago, Cheddar launched two live news networks for streaming on YouTube TV. Plus, the company is moving into the video streaming space by partnering with streaming providers like Hulu, Altice, and Roku. Cheddar also maintains its live streams on Twitter, Facebook, and its own website.
“Cheddar on Snapchat brings a different approach to business news — it’s fun, engaging, and most importantly, we hope Snapchatters will learn something new in each edition,” said Peter Gorenstein, Chief Content Officer of Cheddar in a statement.
Gorenstein added: “Focusing on financial literacy, Cheddar will equip a new generation with unprecedented access to financial technologies, and with the skills and information they need to build a better future. We love Snap, their focus on media partnerships, and their amazing young and highly engaged audience. We are thrilled to join the platform.”