Jun 29, 2023 - Economy

Exclusive: Snapchat+ draws 4 million paid subscribers in first year

Photo courtesy of Snapchat

Snapchat on Thursday will announce that its subscription service, Snapchat+, has reached 4 million paid subscribers in its first year, executives told Axios.

Why it matters: Getting users to pay for social media services that they've grown accustomed to getting for free is not easy.

  • Snapchat's showing it can work with the right offering at the right price point ($3.99 monthly).

Catch up quick: Snapchat released Snapchat+ in June 2022 as a way to offer its most loyal users access to experimental and pre-released features.

What they're saying: "Since launching the service a year ago, the appetite for it has been incredible and our team is excited to continue driving a rapid cadence of new experiences for our growing subscriber base of more than four million," said Jack Brody, vice president of product at Snapchat.

What's next: Snapchat plans to roll out new features to Snapchat+ subscribers in the coming weeks, including "expressive" chat messages that allow users to match their text with bigger fonts to show more emotion and custom chat colors.

The big picture: Social networks, having reached a point of maturity and facing a slowdown in the ad market, are looking to make more money from subscriptions and licensing, Axios has reported.

  • Twitter's subscription service launched originally in 2021 and was relaunched under Elon Musk's ownership late last year.
  • Meta announced its version of a paid verification subscription service in the U.S. earlier this year.

Go deeper: Snapchat debuts subscription product Snapchat+

Go deeper