Snap is offering hundreds of dollars in free ad credits to advertisers who buy vertical video ads on Instagram.
Snap wants to attract new advertisers — specifically, it wants to attract advertisers who are spending money with its biggest competitor, Instagram.
To lure them over, Snap is reaching out to those advertisers that are buying vertical video ads on Instagram and other competitors, and offering them free advertising credits to give Snapchat a try.
Recode first heard about the new program from a source, and a Snapchat spokesperson confirmed that the company has indeed started reaching out to advertisers who are spending money on competing services.
Snap is directing advertisers to an online application, which requires them to upload a proof of purchase that they bought ads on a Snapchat competitor “sometime within the past three months.”
Snap is then offering those advertisers credits in the range of “several hundred dollars,” according to a source.