Snapchat+ Premium Subscription Service Reaches 1 Million Subscribers

Snap, mother or father 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 nearly all of income from promoting digital promoting, are going through a weakening advert market as a consequence 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 development, partially via new sources of income.

Snapchat , which prices $3.99 (roughly Rs. 300) per 30 days within the United States, affords entry to 11 unique options not but out there to common customers. Four new options introduced Monday embody new Snapchat app icon designs and the power for subscribers to have their messages be extra seen to celebrities on Snapchat. Subscribers also can use Snapchat on desktops.

The paid subscription function is now increasing to extra nations 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) per 30 days subscription product known as Twitter Blue. Facebook and Instagram don’t supply paid subscriptions as of now.

© Thomson Reuters 2022