image: Snapchat

SnapChat+ reached an important milestone when 2 million people subscribed to the paid subscription service. Snapchat+ was launched last year by Snap Inc. with additional functionality. Snap Inc. says Snapchat+ offers a crucial income stream to the company since it costs users $3.99 per month.

Snapchat+ was launched in June 2022 in the United States, Canada, Germany, France, the United Kingdom, Australia, United Arab Emirates, and New Zealand. Later, it was launched in a few other countries that include Oman, Qatar, India, Kuwait, Egypt, Bahrain, Israel, Norway, Denmark, and the Netherlands.

One million users signed up for the subscription plan within 60 days of it’s release. In contrast with rival apps such as TikTok and Meta-owned platforms, it takes quite a while for the app to reach 2 million subscribers on it’s paid subscription plan.

Snapchat+ is a subscription-based plan which costs $3.99 monthly and it offers some extra features to users that are not available on regular Snapchat. It offers features such as Pin a contact at the top, customized Bitmoji, priority communication, and replies to stories. Upcoming new features launched on Snapchat+ first then they made their way to the regular users.

Snap Inc., also brings many new features recently to it’s subscription plans such as customized notifications, plan gifting options, story expiration control, customized chat wallpapers, and much more.

In order to increase it’s revenue, Snap Inc. attempted many things like launching smart glasses, but the company failed. The launch of Snapchat+, however, seems to be somewhat profitable for the company, especially when compared to Twitter.

According to analytics firm Sensor Tower, Snapchat+ outperforms Twitter blue, which was also launched last year. Up until October, users spent $28 million on Snapchat+ subscriptions, significantly higher than the $6.4 million spent on Twitter Blue.

At it’s earnings report for the last quarter of the year, Snap Inc., saw it’s revenue jump when compared to the same quarter last year. It reported a revenue of $1.3 billion in the last quarter of 2022 compared to the $1.298 billion it reported in the last quarter of 2021.

Similarly, the company also reported that it’s annual revenue jumped to $4.6 billion in 2022 compared to the $4.1 billion it reported in 2021, translating into a year-to-year growth of 12 percent.

During the year, the company also reported a year-on-year growth of 17 percent for it’s daily active users as it’s daily active users reached to 375 million mark in 2022.

However, during the last quarter of 2022, the company revenue declined as it posted a loss of $288 million compared to a profit of $23 million in the same quarter in 2021. The company attributed this loss to the fierce competition from rival apps such as TikTok, and the economic slowdown globally.

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