Anticipated to be launched in November.
Snapchat is gearing up to launch a new service to offer disappearing TV and movie clips, news articles and advertisements, in addition to enabling users to send self destructing messages.
As part of its plans, the California-based start-up is negotiating with at least 12 content providers including newspapers, magazines and television networks about a service dubbed 'Snapchat Discovery'.
Anticipated to be launched in November, the new Snapchat Discovery will offer content and ads to Snapchat users, according to the Wall Street Journal.
It also plans to allow users read daily publications and watch clips of TV shows or movies just by holding down a finger on the screen, similar to how photos and other messages are viewed on the app.
With the latest offering, Snapchat will have its first revenue and show its potential value to shareholders.
Last year, Snapchat raised funding at a valuation of more than $2bn and rejected an all-cash buyout offer from Facebook for about $3bn.
Snapchat also rolled out a new tool called Snapchat Stories, which links together multiple messages that do not disappear as fast as other 'snaps' on the app.
In the midst of increasing popularity, Snapchat further agreed to be monitored by the US regulators for 20 years as part of its settlement on charges of breaching users' privacy.
Snapchat's 'self-destruct' messaging technology enables users to share photos or videos which fade away after 10 seconds.