Snapchat has more than 2 million paid subscribers to its Snapchat+ program, the company said during its latest earnings report. Snap noted that the paid plan, which costs $3.99 a month, is part of “diversifying” its revenue channels.
The social network first launched Snapchat+ in June 2022 in countries including the US, Canada, the UK, France, Germany, Australia, New Zealand, and the United Arab Emirates. Later, it expanded the subscription service to India, Kuwait, Qatar, Oman, Bahrain, Egypt, Israel, Denmark, Norway, and the Netherlands.
Snap was able to attract one million subscribers within 60 days of introducing Snapchat+. So, comparatively, it has taken the company longer to reach 2 million paid users.
Snapchat+ offers users features like the ability to pin someone as their number 1 friend; priority responses to Snap Star, the company’s program for popular creators; and see “the general direction of travel where friends recently moved to” if they have turned on location sharing.
Image credit: Snapchat+
In the last quarter, the company introduced new things to the subscription, like custom notification sounds, story expiration controls, customizable chat wallpapers, and a plan gifting option.
According to data from analytics firm Sensor Tower, Snap’s subscription was performing much better than Twitter’s legacy Blue subscription. Through the end of October, consumers had spent a total of $6.4 million on the Twitter app. By comparison, Snap’s paid plan brought in $28 million upon launch, and many people opted for the $39.99 annual plan. While the Elon Musk-led company has launched a new Twitter Blue plan that costs $8 per month, there are no estimates of how many people are actually paying for it.
Snap posted revenue of $1.3 billion in the fourth quarter of 2022, up slightly from $1.298 billion in the same period of 2021. The company said its annual revenue increased 12 percent, from $4.1 billion to $4.6 billion. Dollars. It also had a 17% increase in daily active users to hit the 375 million mark.
The company has been actively pushing for revenue growth. In addition to the subscription plan, the social network has also tested a way for people to pay for Lenses. In addition, a Business Insider report published Tuesday indicated that Snap could also start charging people to restore your broken streaks of Snap.
