Snap has announced that Snapchat+, its subscription service that gives access to exclusive, experimental, and pre-release features, has passed four million subscribers in its first year. In the United States, the service costs $3.99 per month.
With Snapchat+, users get access to 20 exclusive features including Best Friends Forever, Custom App icons, and a Snapchat+ Badge. With today’s news, the company said Snapchat+ will soon get Expressive Chat Messages and Custom Chat Colours.
While Snap will be pleased with the number of subscribers it has managed to get over the last year, it’s worth noting that the company’s revenues declined in the first three months of 2023 to $988 million from $1.06 billion in the first three months of 2022.
Snap will also have to see over the next year whether it can increase the number of new subscribers - shareholders will definitely be watching this.
According to the company’s first-quarter results press release, Snapchat+ managed to reach three million subscribers sometime between January and March 2023. That means, at most, it has taken the company five to six months to add an additional one million subscribers to reach four million.
If you don’t use Snapchat or haven’t used it for a while, it has gained two features in recent months that were first available to Snapchat+ subscribers. These include My AI - a GPT-powered friend to chat with - and Snapchat for Web which allows you to use a limited set of Snapchat features from your browser.
Many of the people loyal to Snapchat that use it every day will probably have already hopped over to Snapchat+ if they are ever planning to spend money on it. With people still struggling against inflation in the economy, it’ll be interesting to see whether Snap can maintain or extend the Snapchat+ growth rate it has seen so far.
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