Snapchat+ Premium Subscription Service Reaches 1 Million Subscribers

Snap, father or mother firm of social media app Snapchat, has reached 1 million subscribers for its Snapchat premium subscription, the corporate stated on Monday, after launching the service in June as a brand new income.

Social media corporations together with Snap, Twitter, and Meta Platforms, which all earn the vast majority of income from promoting digital promoting, are dealing with a weakening advert market as a result of record-high inflation inflicting manufacturers to reign of their advertising spending.

Snap’s shares dropped 25 p.c final month after disappointing second quarter earnings, because it suffered from weaker promoting demand than Wall Street had anticipated. Chief Executive Evan Spiegel stated the corporate would work to hurry up income progress, partially via new sources of income.

Snapchat , which prices $3.99 (roughly Rs. 300) monthly within the United States, gives entry to 11 unique options not but out there to common customers. Four new options introduced Monday embrace new Snapchat app icon designs and the power for subscribers to have their messages be extra seen to celebrities on Snapchat. Subscribers can even use Snapchat on desktops.

The paid subscription characteristic is now increasing to extra international locations together with Saudi Arabia, India and Egypt, for a complete of 25 markets, Snap stated.

Twitter, which is in a authorized battle with billionaire Elon Musk over his try and stroll away from his $44-billion (roughly Rs. 3,49,970 crore) deal to purchase the corporate, additionally beforehand launched a $4.99 (roughly Rs. 400) monthly subscription product known as Twitter Blue. Facebook and Instagram don’t supply paid subscriptions as of now.

© Thomson Reuters 2022