Ephemeral messaging service Snapchat is gearing up to debut disappearing ads.
While speaking at a conference Wednesday, CEO Evan Spiegel said the ads, which will not target individuals based on their interests, will arrive “soon,” though he did not specify a timeframe.
This will be the first attempt from Snapchat, which carries a $10 billion valuation, to monetize its messaging app. Previous reports suggest the startup plans to launch a new feature called Snapchat Discovery this year that would display ads and other content to users.
Already, some savvy brands, such as Taco Bell, McDonald’s, and Heineken, have embraced Snapchat, using the platform to hold contests and offer promotions to a largely millennial audience.
Snapchat appears to be actively raising a new round of funding. Yahoo–flush after selling a part of its stake in Alibaba–is rumored to be the latest potential investor. Last year, the startup famously spurned 10-figure acquisition offers from Facebook and Google. Though it doesn’t disclose user numbers, Snapchat said users send about 700 million disappearing photos and video messages a day.