Snapchat+ Premium Subscription Service Reaches 1 Million Subscribers in Less Than 3 Months

Snapchat+ offers access to 11 exclusive features which not yet available to general users.

By Reuters | Updated: 16 August 2022 10:17 IST

Snapchat+ Premium Subscription Service Reaches 1 Million Subscribers in Less Than 3 Months

Subscribers can also use Snapchat on desktops

Highlights

Snap's shares dropped 25 percent last month
Snapchat+ costs $3.99 (roughly Rs. 300) per month in the United States
The paid subscription feature is now expanding to more countries

Snap, parent company of social media app Snapchat, has reached 1 million subscribers for its Snapchat premium subscription, the company said on Monday, after launching the service in June as a new source of revenue.

Social media companies including Snap, Twitter, and Meta Platforms, which all earn the majority of revenue from selling digital advertising, are facing a weakening ad market due to record-high inflation causing brands to reign in their marketing spending.

Snap's shares dropped 25 percent last month after disappointing second quarter earnings, as it suffered from weaker advertising demand than Wall Street had expected. Chief Executive Evan Spiegel said the company would work to speed up revenue growth, in part through new sources of revenue.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

Snapchat , which costs $3.99 (roughly Rs. 300) per month in the United States, offers access to 11 exclusive features not yet available to general users. Four new features announced Monday include new Snapchat app icon designs and the ability for subscribers to have their messages be more visible to celebrities on Snapchat. Subscribers can also use Snapchat on desktops.

The paid subscription feature is now expanding to more countries including Saudi Arabia, India and Egypt, for a total of 25 markets, Snap said.

Twitter, which is in a legal battle with billionaire Elon Musk over his attempt to walk away from his $44-billion (roughly Rs. 3,49,970 crore) deal to buy the company, also previously launched a $4.99 (roughly Rs. 400) per month subscription product called Twitter Blue. Facebook and Instagram do not offer paid subscriptions as of now.

Snap to Slow Hiring as Shares Plunge 25 Percent on Dismal Q2 Earnings

© Thomson Reuters 2022

What should you make of Realme's three new offerings? We discuss them on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.