Snapchat+ has accrued over one million paying customers
Snap Inc. announced on August 15 that since its paid Snapchat+ service launched in June 2022, it has attracted more than one million paying members. According to Snap Inc., the firm behind Snapchat, this member total does not include India, where the subscription service was first released last week. The United States, Canada, the United Kingdom, France, Germany, Israel, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates are among the 25 countries that now provide Snapchat+.
Snap announced today that it will be adding four new paid features, including Priority Story Replies, Post View Emoji, new Bitmoji backgrounds, and new custom app icons. With Priority Story Replies, your replies to creators and verified public figures known as Snap Stars will be given priority.
It just so happens that the rollout of Snapchat+ to new areas coincides with the social media company’s efforts to broaden the sources of its revenue beyond advertising. Snap’s advertising business has taken a big hit because of recent changes to user privacy in iOS and because advertisers are spending less money in general because of the recession.
Snap’s revenue growth slowed to a new all-time low in the quarter ending June 2022, making it the worst quarter in the company’s public history. This was partially due to increased competition for ad dollars. Nonetheless, user growth was maintained, with 347 million DAUs, an increase of 54 million (or 18%) from the previous year. In a letter to investors in July 2022, Snap was enthused about the prospect of Snapchat+ offering “compelling experiences for the most enthusiastic members of our community.”