Snapchat pays record $7.7 million for geofilters patent

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The previous record wasn't even half that amount.
The previous record wasn't even half that amount.
Photo: Snapchat

Snap, Inc., the company behind Snapchat, just paid a staggering $7.7 million to acquire a “geofilters” patent and prevent it being snapped up by Facebook.

It is believed to be “by far the highest amount paid” for a single patent in Israel — the previous record was less than half that — and it goes to local firm Mobli.

Snapchat just made it super-easy to create your own geofilter

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Snapchat
Snapchat got some smart new features this week.
Photo: Jim Merithew/Cult of Mac

Creating your own Snapchat geofilter for parties and other special occasions just got a whole lot easier thanks to a new web-based tool Snapchat unleashed on the world today.

With competition intensifying from Instagram’s new Stories feature, Snapchat is expanding the revenue it gets from geofilters by charging a small fee to create your own for a short period of time. The tool lets users either upload their own art or modify existing templates, setting up custom filters to be the next big thing.