Snapchat now has over 2 million paid subscribers • TechCrunch

Snapchat has more than 2 million paid subscribers on its Snapchat+ program, the company said in its latest earnings report. Snap noted that the paid plan, which costs $3.99 per month, is part of “diversifying” its revenue pipelines.

The social network first launched Snapchat+ in June 2022 in countries including the United States, Canada, United Kingdom, France, Germany, Australia, New Zealand and the United Arab Emirates . Later, it extended the subscription service to India, Kuwait, Qatar, Oman, Bahrain, Egypt, Israel, Denmark, Norway and the Netherlands.

Snap managed to attract one million subscribers within 60 days of introducing Snapchat+. So comparatively, it took longer for the company to reach 2 million paying users.

Snapchat+ offers users features such as the ability to pin someone as their #1 friend; priority in responses to Snap Star, the company’s program for popular creators; and see “the general direction of travel for where friends recently moved” if they have location sharing turned on.

In the last quarter, the company introduced new things to the subscription, such as custom notification sounds, story expiration controls, customizable chat wallpapers, and a plan gift option.

According to data from analytics firm Sensor Tower, Snap’s subscription was doing much better than the old Twitter Blue subscription. Through the end of October, consumers had spent a total of $6.4 million on the Twitter app. By comparison, Snap’s paid plan generated $28 million after launch, with many people switching to the $39.99 annual plan. While the Elon Musk-led company has launched a new Twitter Blue plan that costs $8 a month, there’s no estimate of how many people are actually paying for it.

Snap reported revenue of $1.3 billion in the fourth quarter of 2022, which was slightly higher than $1.298 billion for the same period in 2021. The company noted that its annual revenue jumped by 12%, from $4.1 billion to $4.6 billion. It also saw a 17% increase in daily active users to reach the 375 million mark.

The company has been actively striving to increase its revenue. Apart from the subscription plan, the social network has also tested a way to pay for the lenses. Additionally, a Business Insider report on Tuesday said Snap may also start charging people to restore their broken Snap footage.