Snap Inc. is launching a paid version of the widely used social media platform offering “exclusive” and “experimental” features.
For $3.99 a month, the subscription, called Snapchat+, will offer a unique experience to “some of the most passionate members of our community,” the company said in a statement on Wednesday. The company didn’t offer other details about the plan.
Snapchat, which benefitted from a surge in usage during the pandemic, has since had a tumultuous few months. In May, the company cut its revenue and profit forecasts and said it would slow hiring, sending its shares plummeting 43%. The Santa Monica, California-based company began testing a subscription service earlier in June.
Other social media companies have also been turning to subscription models as a way to diversify their revenue streams away from advertising. Twitter Inc. has the Blue subscription, which grants ad-free access for $2.99 a month. Messaging app Telegram also rolled out its Premium subscription this month, giving users extra features for $4.99 a month.
Snapchat+ will be available in a handful of countries including US, UK, Germany and United Arab Emirates.©2022 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.