Snap announced Subscription plan at $3.99/month
Snap announced Wednesday that it is rolling out a $3.99/month Subscription plan for Snapchat that unlocks exclusive and powerful features. It’s called Snapchat+.
The announcement comes after Snapchat issued disappointing earnings guidance for the current quarter when it released its first-quarter results in April. Snap CFO Derek Andersen said that macroeconomic conditions such as supply chain disruptions, labor shortages, and inflation were hurting advertising, Snap’s primary source of revenue.
Snapchat+ could help the company diversify its revenue streams. However, Jacob Andreu, Snapchat’s senior vice president of products, told The Verge that the company doesn’t expect the plan to turn into a “new real revenue stream.”
Snapchat shares were down about 1% as of 11 a.m. ET Wednesday morning
The Plus package includes pre-release, experimental, and exclusive features such as B. Winning your close friends as BFF (Best Friend Forever) and customizing app icons. It’s aim at the “most passionate members” of Snapchat users.
Other social media platforms have also recently introduced subscription services. In 2021, Twitter announced a blue subscription that offers ad-free access to other sites for $2.99 per month. In addition, chat app Telegram introduced Telegram Premium in June.
Snapchat+ launched Wednesday in the US, Canada, UK, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirate