Snapchat geofilters is like Twitters hashtag, which is also used by Instagram and Facebook nowadays. The difference between hashtags and geofilters is that hashtags wasn’t ownable meanwhile geofilters is.
They have created it in a way that is monetizable for brands, businesses and people. Like on weddings, events, birthday parties, promoting your business/brand. Basically these Geofilters on Snapchat can be a great way for you as a business owner or just a regular person to reach out to people in specific locations, that you target. These pictures can later be screenshot and uploaded on other platforms which gives you even more reach then intended. This is a amazing opportunity that should be grabbed.
Brands and businesses should definitely take advantage of this. A lot of people are underestimating the value of Snapchat. The value of your branding impression compared to impressions on any other platform is insanely high. Why? Because not only are you putting your brand in a place they can see it, but they are really seeing it, (considering Snapchat captures the whole screen). You are bringing value to the viewer. They have the ability to interact with the audience in a fun way. This is big. This is new for some but a lot of people/businesses have already taken advantage of this.