According to a statement released by the company on August 15, the paid version of the social media app Snapchat, known as Snapchat+, has amassed more than one million paying members since the program’s initial debut in June 2022.
However, this subscriber total does not include India, which, according to Snap Inc., the parent company of Snapchat, debuted the subscription service just last week.
Snapchat Plus is growing
Currently, users in 25 countries can access Snapchat+, including those in the United States of America, Canada, the United Kingdom of Great Britain and Northern Ireland, France, Germany, Israel, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates. Post View Emoji (the ability to choose an emoji you want friends to see after they view your Snaps), Priority Story Replies (the ability for your replies to be made more visible to well-known creators and verified public figures, which the company calls Snap Stars), new Bitmoji backgrounds, and new custom app icons are some of the additional paid features that Snap announced it will be introducing this week. This includes some amazing security features.
The social media business is trying to diversify its revenue streams outside advertising, which coincides with the launch of Snapchat+ in new territories simultaneously. Both the recent changes to privacy that Apple made to its iOS operating system, and the fall in advertiser expenditure brought about by the recession have had a big negative impact on Snap’s advertising company.
Because Snap’s quarterly sales growth was at its slowest as a public company for the quarter that ended in June 2022, the increased competition for advertising money is also influencing its revenue growth.
On the other hand, the growth of users continued, with the number of daily active users reaching 347 million, an increase of 54 million, or 18%, over the previous year’s total.
In a letter to investors sent in July of 2022, Snap stated its excitement about the long-term potential of Snapchat+ to create “compelling experiences for the most enthusiastic members of our community.”