A popular social media platform, Snapchat is considered to be one of the pioneers of short video content. Besides that, it is also a diversified platform with a subscriber base all over the world, resulting in a global audience. It wasn’t until last year that Snapchat launched its premium subscription service Snapchat+. It has been reported in Snapchat’s most recent earnings report that Snapchat has now had more than 2 million subscribers to its Snapchat+ service. The company stated that the $3.99 per month paid subscription (Snapchat+) represents a part of its strategy of “diversifying” its revenue streams.
In order to make this point more pertinent, it is important to mention that Snap was able to amass a million users in only 60 days after launching Snapchat+. The fact that it took the company a longer period of time to acquire 2 million paying customers is indicative of the company’s difficulties. It was in June 2022 that Snapchat+ first debuted in nations such as the United States, Canada, the United Kingdom, France, Germany, Australia, New Zealand, and the United Arab Emirates, when the social network first debuted its new product. In the future, the subscription service was extended to include the following countries: India, Kuwait, Qatar, Oman, Bahrain, Egypt, Israel, Denmark, Norway, and the Netherlands.
It has been successful for Snap+ to reach the 2 million subscriber mark, surpassing Twitter Blue in terms of revenue
As a Snapchat+ user, you will have the ability to pin someone as your #1 buddy, receive priority in replies to Snap Star, the company’s branded program for well-known producers, and, if location sharing is activated, see “where friends have moved recently based on their broad direction of travel.”
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Moreover, in the most recent quarter, a number of new features have been added to the subscription service, including a chat backdrop that can be customized, an expiration date control for stories, and a gifting feature for plans. A study conducted by an analytics firm revealed that Snap’s subscription was achieving better results than Twitter Blue’s subscription, based on data from the company. To put things into perspective, as of the end of October, users had spent a total of $6.4 million on the Twitter app. In comparison, Snap produced a revenue of $28 million following the launch of its premium plan, with many users choosing the $39.99 annual plan over the free one.
