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Snapchat+ Acquires 1 Million Subscribers in Six Weeks

Industry: Internet Services; Social Media
Current: Company Performance

Snapchat+ reached one million subscribers in just over six weeks
The increase in the number of subscribers was due to the addition of new features that allow users to customize their experience
The company expects around 360 million daily active users by Q3

Overview of Snap’s Quarterly Revenue

Snap Inc is a social media and camera company that develops and provides applications and products for communication. The company also offers advertising services such as Snap Ads, AR Ads, and sponsored creative tools.

In Q2 2022, the company reported revenue of $1.11 billion, which showed an increase of 13% YoY. The company registered a quarter-over-quarter decline in revenue growth of 25 percentage points. In July 2022, the company revealed that it had 347 million average Snapchat daily active users (DAUs) during this period, up 15 million sequentially and an 18% increase over that in the corresponding period in 2021.

Overview of Snapchat+ Paid Subscribers

Recently, Snapchat introduced Snapchat+, a subscription service that costs $3.99 a month. This service offers exclusive access to features that are not available on the free version of the app, which includes giving users access to pre-release, experimental, and exclusive features.

Snap announced that its premium service Snapchat+ reached one million subscribers in just over six weeks, and the platform began to roll out new features to allow users to customize their experience. Snapchat+ is now available in the US, the UK, Canada, Australia, and New Zealand.

The updated “Priority Story Replies” feature will make Snapchat+ replies more noticeable to Snap Stars. Individuals also have the option to select the emoji they want their friends to see after viewing Snaps. In a letter to investors in July 2022, Snap said that it was excited about the long-term potential of Snapchat+ to deliver “compelling experiences for the most passionate members of our community.”

The company said that it anticipates DAUs will be around 360 million in Q3 and is excited by the momentum generated in its community.

Social media platform Snapchat is growing faster than Facebook and Twitter. In its latest quarterly report, the company said that it increased its DAUs by 18% to 347 million YoY. Facebook reported its first loss in the number of DAUs in Q2 and Twitter’s DAUs grew only 2% in the US and 15% globally.

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