The social media company, Snapchat, has officially announced that its Snapchat+ subscription service has surpassed the five million user mark, with an additional million users coming on board since June.
What’s the growth potential for this service? According to reports from Bloomberg, Snap’s CEO, Evan Spiegel, has high hopes, anticipating that the service will hit 10 million subscribers in the near future.
Snapchat+ was unveiled in June 2022 as a premium offering, providing subscribers with exclusive, experimental, and pre-release features for a monthly fee of $3.99. Over time, it has expanded its offerings to include even more exclusives, such as early access to AI products like My AI chatbot and Dreams. Among the premium features currently available are:
- Pinning someone as your #1 Best Friend
- A Story Rewatch Indicator
- Custom App icons
- A Snapchat+ Badge
- Priority Story Replies
- Custom Notification Sounds
- Chat Wallpapers
- Chat Effects
- One free monthly Snapstreak Restore
At its launch, Snapchat+ was initially rolled out in the United States, Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates.
While achieving five million users is a noteworthy milestone, it still represents a relatively small fraction of the company’s massive global community, which boasts 750 million monthly users. Additionally, the revenue generated by Snapchat+ accounts for only a modest portion of the company’s overall income derived from advertisements.
Nonetheless, the success of Snapchat+ underscores the increasing emphasis that major social media platforms are placing on subscription-based models. Meanwhile, over at Twitter/X, their paid service X/Premium is reported to have garnered one million subscriptions. Interestingly, just this week, Elon Musk, the CEO of X, hinted at the possibility of placing their entire service behind a paywall.
Source: MobileMarketing
