Snap, owner of the Snapchat app, is shutting down a business focused on augmented reality for businesses. , Bloomberg
ARES was one of Snap’s biggest new undertakings since the social media company was restructured last year, and its quick demise shows the challenges of adapting to a world roiled by the artificial intelligence boom. The introduction of AI tools has wiped out Snap’s competitive advantage, Spiegel wrote, because the technology makes it easy for companies to create virtual try-on experiences — a centerpiece of Snap’s efforts.
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