Less than three months after Snapchat launched Snapchat+ (a subscription-based package), the global company has hit the 1 million subscribers’ milestone for the paid service. This is an up tune from the 25 percent drop in Snapchat’s shares according to the company’s second quarter earnings.
The company on Monday also announced four new features to the paid package, including a new icon design, increasing the chances of celebrities to view subscribers’ messages on the app, amongst others. The service is also available on desktop.
What you should know
Social media companies, including Facebook, Instagram, Snap, Twitter, etc. all earn from adverts published on their platforms. This source of revenue for social media companies took a massive hit due to the rising inflation rates, which has seen brands cut down their marketing budgets.
Snapchat launched the premium package as an alternative revenue source while adding new features to the platform for a fee of $3.99 per month.
Snapchat has also expanded its paid service to more countries including Saudi Arabia, India and Egypt, bringing the total markets to 25.