Snapchat debuts subscription product
Why it matters: Snapchat is using the feature as a way to test new products with a dedicated group of its most loyal fans, instead of on a country-by-country basis.
- The new subscription will also expand Snapchat's business, which is mostly dependent on advertising revenue.
- While the product isn't expected to meaningfully expand Snapchat's business in the near term, per The Verge, it does allow the company to experiment.
The big picture: Amid privacy changes and a macro-economic slowdown, several tech companies have also begun to experiment with subscriptions, including Meta, Twitter and TikTok.
Details: The new subscription product will be available to all Snapchat users, accessible from their mobile apps.
- The company is starting with a set of six new features that allow Snapchat users to customize their experience. Those include a new tool called "Ghost Trails" which allows users to launch more conversations with friends on Snapchat's map feature.
- Other exclusive features include a "Rewatch Indicator," which provides more information on how many friends are interested in a user's Snapchat Stories, strings, videos and photos, and the ability for users to pin a best friend.
- Snapchat+ will be available at launch in the United States, Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates, Snap Inc. said in a statement.
What's next: The company plans to expand the product more countries over time.