Big name companies like Budweiser, Fandango, and Walmart have started to narrow down their advertising in college towns. It's kind of ridiculous that there is literally nothing on the internet about this, except for the fact that Snapchat started testing the campus Mystory in October of 2014.
http://sproutsocial.com/insights/how-to-use-snapchat-for-colleges/
The only people that seem to know it's happening is students who watch campus Mystory's! I saw a Budweiser ad while clicking through the Boulder Campus Mystory on Superbowl Sunday. I saw an ad for the movie "The Boy" on the first Friday night that the movie came out on the Boulder Campus Mystory. I saw a Walmart ad on a random Sunday a few weeks ago on the Boulder Campus Mystory, as many people go grocery shopping for the week on Sundays.
The Big Question: How to use Snapchat as a legitimate platform to advertise?
Companies seem to be poking at the answer. Before this, the only way to advertise was on Snapchat's "Discover" feature, where a placement was (and still is) $750K. I am unaware of how much these campus Mystory placements cost (THANKS A LOT, INTERNET!), but these companies are getting smart. The article above makes a great point: "Snapchat is immediate, personal, and reaches the student where you can find them the most: on their phone." As a college student and an ad guy, this excites me because it is so freaking true. These companies are being extremely clever in their targeting, and have a huge advantage in that not many other companies have hopped on board.
To be fair, knowing that these are big-time companies, it is likely that a placement is expensive. It is also possible that if Snapchat sells out and puts too many ads in their campus mystory's, people will stop watching it. It would be more effective if they had maybe one ad a day at the most. At this point, my best estimate is that they currently place about one spot on a campus Mystory every week.
Lastly, as I said before, it is unclear about whether or not Snapchat is working with these companies to place their ads as a preface to or subsequent to specific student snaps that are uploaded to the campus Mystory. For example, if someone uploaded a snap of a large gathering, and the following snap was a Budweiser ad, the placement of the ad would be even more specific. I think this category has a lot of room to grow, and if agencies have the big bucks I would highly encourage to at least consider it.