Snapchat+, the popular social media platform’s subscription service, has reached a significant milestone, now boasting more than 5 million paying subscribers. This impressive number represents a notable increase from the 4 million subscribers reported in late June and the 3 million in mid-April. Since its launch over a year ago, the $3.99 per month membership offers users access to a range of exclusive features, including customizable app themes, unique app icons, the option to pin your top BFF, enhanced storytelling tools, and the ability to see who rewatched your Stories, among others.
Key Takeaway
Snapchat’s subscription service, Snapchat+, has experienced impressive growth, surpassing 5 million paying subscribers. Despite being a small portion of the company’s total revenue, the demand for this exclusive offering is an encouraging sign for Snap as it continues to expand its product offerings.
A Growing Demand for Snapchat+
The steady growth of Snapchat+’s subscriber base can be attributed to various factors. First and foremost, Snapchat+ has consistently added new features, such as early access to the latest AI products like My AI chatbot and Dreams, a generative AI selfie feature. Additionally, the availability of purchasing Snapchat+ subscriptions through Verizon’s subscription store, +Play, has expanded the service’s reach to a wider audience.
A Fraction of Snap’s Revenue
Although the subscription service has surpassed the 5 million milestone, it still constitutes only a fraction of Snap’s total revenue. In Q2, Snap reported a revenue of $1.07 billion, with the majority coming from advertising. Nevertheless, Snapchat+ has outperformed X Premium, a similar subscription product. Independent research indicates that X Premium, formerly known as Twitter Blue, has sold approximately 1 million subscriptions so far, as reported by researcher Travis Brown on GitHub. Elon Musk, the owner of X, claims the app has 550 million monthly active users, while Snapchat reports daily active users of 397 million.
