Snapchat has changed its corporate name to Snap Inc, and simultaneously launched a new camera product called Spectacles.

According to the Snap blog, Spectacles are sunglasses with an integrated video camera “making it easy to create Memories” which will be available in three colours soon.

The blog claims that the company has created one of the smallest wireless video cameras capable of taking a day’s worth of Snaps in a single charge, connecting directly to Snapchat via Bluetooth or Wi-Fi and transferring Memories to the app in its brand new circular, 115 degree video format.

“Imagine one of your favourite memories. What if you could go back and see that memory the way you experienced it?” the blog continues.

In the light of this new product and other, Snapchat decided to rename.

“When we were just getting started it made sense to name our company Snapchat Inc., because Snapchat was our only product! Now that we are developing other products, like Spectacles, we need a name that goes beyond just one product – but doesn’t lose the familiarity and fun of our team and brand.

“It has been five years since Bobby and I started working on Picaboo, the little app that became Snapchat – and we’ve been so lucky to build an incredible team that has continued to expand upon Snapchat and create products like Stories, Memories, Lenses, and so much more!” read an article on the Snap news site.

Snap also claimed that the rebrand will help separate company information and financial analysis from product information. “You can search Snapchat or Spectacles for the fun stuff and leave Snap Inc. for the Wall Street crowd :)”

Forecast to hit $1bn in ad revenues for 2017, Snap launched a Paris office earlier in September 2016.