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In late 2016, Snap launched Spectacles: a wearable camera embedded into a pair of sunglasses. At first, Spectacles could only be purchased from a special yellow vending machine, making the availability very limited. Long lines and high eBay resale prices seemed to indicate high consumer demand, and eventually Snap decided to start selling the glasses through major retailers.
But a new report indicates that initial demand had more to do with novelty than actual desire… and now Snap is in trouble.
Since first launching Spectacles, including the wider Amazon launch this past summer, Snap has sold more than 150,000 units; however, a new report by The Information claims that “hundreds of thousands” of Spectacles units sit unsold in warehouses, eclipsing the number Snap has already sold. Snap misinterpreted the initial demand, and now they’re stuck with a lot of unsold (and possibly unsellable) camera glasses.
To make matters worse, The Information’s sources also claim that Snap has abandoned plans to launch its own drone. Pair this news with mediocre stock performance since going public, and the rising popularity of Instagram Stories, and things don’t look good for Snap Inc. … not at all.