Social media company Snap revealed more than 1 million subscribers have signed up to its Snapchat+ premium service six weeks after its launch as part of a push to generate new revenue following recent financial struggles.
The company announced it crossed the 1 million mark in a blog outlining new features, in addition to announcing it had made the service available in 25 countries including the UK, India and Saudi Arabia.
Snap launched Snapchat+ in June in the US for $3.99 a month and it now offers 11 features not available to users of the basic social media platform.
The launch of Snapchat+ came shortly before the company reported poor Q2 earnings which caused a drop in its share price of 25 per cent, fitting a wider trend in which social media companies experienced weaker advertising demand.
Snap issued a filing in May warning it had lowered its guidance [1] for Q2, citing deteriorating macroeconomic conditions including inflation, interest rate issues, supply chain shortages and platform policy changes, among others.
Social media rival Twitter has also launched a subscription product, Twitter Blue [2], while Meta Platforms’ services Facebook and Instagram have yet to follow.
Additional features launched on Snapchat+ include new app icon designs, ability to have greater exposure to celebrities and allowing users to access the service on desktops.
[1] https://www.mobileworldlive.com/apps/news-apps/snap-slashes-forecast-on-tough-conditions/
[2] https://www.mobileworldlive.com/featured-content/apps-home-banner/twitter-launches-blue/
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