Snapchat is slowly but surely monetizing a new revenue stream with its Snapchat+ subscription service. This week, the social network’s parent company Snap disclosed in its latest financial results. (through Tech Crunch) that the service now has more than 2 million paid users.
That’s actually not too bad for a service that’s primarily used to test new features that may be rolled out to all Snapchat users at a later date. Snapchat+ costs $3.99 a month and currently includes 12 features that are not available to the rest of its audience. Some of these additional features include pinning your best friend to your account, seeing how many friends rewatched your story, and more. You also get some custom badges as a member.
Snapchat+ launched in June 2022 and quickly gained over 1 million users after six weeks. It obviously took a little longer to reach the 2 million milestone, but it shows progress, and it likely counts in Snap’s eyes. The service is available in 18 countries and territories.
Overall, Snapchat ended the fourth quarter of 2022 with 375 million daily active users. That’s 57 million more users than the same time in 2021. Revenues for last year came in at $4.6 billion, up 12 percent from 2021. However, the company suffered losses of $1.430 billion for 2022, compared to losses of $488 million. . Snap admitted it faces “significant headlines” to improve revenues.
Source: suddenly through Tech Crunch
