As of June 29th, Snapchat has a paid subscription plan called Snapchat+. The news had been brewing for the past few months, but it was officially released last month. The paid subscription plan will offer exclusive features to paid users, such as being able to see who has rewatched your Stories (similarly to Instagram except you can see how many times they viewed it) and the option to change the app icon.
Through the app’s newsroom announcement, the company shared:
“Today we’re launching Snapchat+, a collection of exclusive, experimental, and pre-release features available in Snapchat for $3.99/month. This subscription will allow us to deliver new Snapchat features to some of the most passionate members of our community and allow us to provide prioritized support.”
So far, this feature has been released in the United States, the United Kingdom, Germany, Australia, France, Canada, New Zealand, Saudi Arabia, as well as the United Arab Emirates. More countries will be receiving this update soon.
This move follows the suit of a lot of social media platforms that have been dabbling with paid subscriptions and subscription-based features. For example, Twitter released its Twitter Blue service in Australia, Canada, New Zealand and later on in the U.S. Twitter Blue is an opt-in, paid monthly subscription that offers exclusive access to premium features that let you customize your Twitter experience.
Similarly, Telegram, a messaging app, launched a paid premium tier that allows paid users to have access to chat folders and be able to send files of up to 4GB.
Snapchat has made incredible growth in the first quarter of 2022, however, after the war in Ukraine, the platform was anticipating not hitting its target revenue for the year. This is why creating paid subscription services such as this one is important for the company to hit its revenue goals for 2022.
It is true that creating paid subscriptions makes it potentially inaccessible for a lot of people, especially Snapchat’s younger audience, but the fee (which is set for $3.99/month) is low enough that it could possibly be doable for a lot of people.
This model of paid subscriptions is becoming more and more popular, but it seems that Snapchat will be using ads at the core of their business model for long-term financial success. Paid subscriptions will help towards reaching certain goals, but they will definitely now me the main source of material revenue.
Worries about money? Here’s how to budget in your late 20’s.
Photo via Snapchat