Snap announced on Wednesday that its subscription service Snapchat+ had 3 million subscribers, as the tech company seeks to diversify its revenue.
Snapchat+, which debuted last year for $3.99 per month, has been an important component of the company’s efforts to diversify its revenue beyond digital advertising, which is struggling as some brands cut marketing budgets due to economic concerns.
Snap’s subscription service gives consumers first access to new features.
Snap revealed the achievement on Wednesday at its Partner Summit, an annual event at which it unveils new services for users, content producers, and advertisers on its photo messaging app.
The amount of Snapchat+ subscribers demonstrates the company’s success at a time when social media companies are increasingly looking to charge users for particular functionalities.
Snap launched My AI, a generative artificial intelligence chatbot that can generate written responses to queries, in February, initially for Snapchat+ subscribers.
The Santa Monica, California-based startup is also working to expand its augmented reality technology, which uses computerised graphics to overlay the perspective of the real world.
What you should know about Snapchat+
Snapchat launched Snapchat+ on June 2022 to over 300 million people.
However, unlike Snapchat which is free, Snapchat+ goes for $3.99/month. This subscription allows to delivery of new Snapchat features to some of the most passionate Snapchatters.
Snapchat+ is available at launch in the United States, Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates.
