According to the Wall Street Journal, Snapchat parent Snap has announced plans to halt future development of its flying selfie drone Pixy, which will be sold in its current version.
Snap launched Pixy in April. The pocket-sized camera has unique features, including flying a few feet above its owner to take photos and videos before landing in the palm of the hand. Pixy costs $230 and locations where the device can be purchased are France and the United States.
While the reason for the new development remains unknown, Snap continues to face difficult economic challenges in recent months.
Inflation and rising costs for services and raw materials have forced advertisers to cut back on marketing spending, and with ads being Snap’s biggest source of revenue, the company continues to suffer from decline in revenue.
Apple’s privacy changes have also had a significant impact on the company’s advertising revenue, as it can no longer access user data without their consent.
Faced with declining sales and continued inflation, Snap announced plans to slow hiring this year just like other technology platforms such as Google, Meta, Twitter and others. The company also announced plans to source revenue from other outlets.
The sources for this piece include an article in Reuters.