Snapchat now has more than 2 million paid subscribers • TechCrunch


Snapchat has more than 2 million paid subscribers on its Snapchat+ program, the company said during its latest earnings report. Snap noted that the paid plan, which costs $3.99 a month, is a part of “diversifying” its revenue pipelines.

The social network first launched Snapchat+ in June 2022 in countries like 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 a million subscribers within 60 days of introducing Snapchat+. So comparatively it has taken more time for the company to reach to 2 million paid users.

Snapchat+ offers users features like the ability to pin someone as their #1 friend; priority in replies to Snap Star, the company’s program for popular creators; and see “the general direction of travel for where friends have moved recently” if they have turned on location sharing.

Snapchat Plus

Image credit: Snapchat+

In the last quarter, the company introduces new things to the subscription such as custom notification sounds, story expiration controls, customizable chat wallpapers, and a plan gifting option.

According to data from analytics company Sensor Tower, Snap’s subscription was faring way better than the legacy Twitter Blue subscription. Till October end, consumers had spent a total of $6.4 million on the Twitter app. In comparison, Snap’s paid plan generated $28 million after its launch with many folks opting 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 registered a revenue of $1.3 billion in Q4 2022, which was marginally higher than $1.298 billion for the same period in 2021. The company noted that its annual revenue jumped 12% from $4.1 billion to $4.6 billion. It also had a 17% bump in daily active users to get to the 375 million mark.

The company has been pushing actively to achieve revenue growth. Apart from the subscription plan, the social network has also tested a way for people to pay for Lenses. What’s more, a report from Business Insider published Tuesday indicated that Snap could also start charging people to restore their broken Snap streaks.


Source link

Denial of responsibility! galaxyconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.