Snapchat‘s premium subscription service, Snapchat+, now has over 3 million subscribers, the company announced at its Snap Partner Summit. While this is a significant achievement, it’s worth noting that it represents less than 1% of the platform’s 375 million daily active users.
Snapchat+ offers early and exclusive access to new features for a monthly fee of $4.99. The company expanded the service to several regions after launching it in June 2022, reaching 1 million subscribers in August and 2 million in February.
Snapchat has been adding new features to the service, including customizable chat wallpapers, custom notification sounds, story expiration controls, and a plan gifting option. It has also promised paid users the ability to freeze their Snap Streaks.
The company has also been investing in generative AI features, launching My AI chatbot for Snapchat+ users in February. However, the bot was criticized for inappropriate responses, leading to the addition of new safety tools. Recently, subscribers gained the ability to generate a background through text prompts. Additionally, all Snapchat users can access My AI chatbot, and Snapchat+ subscribers will soon be able to receive a generated Snap image from the bot.
According to Abe Yousef, senior insights analyst at Sensor Tower, the company has earned $80 million through in-app purchases since the launch of Snapchat+, with 57% of subscribers based in the US, 10% in the UK, and 5% each in Saudi Arabia, Australia, and Canada. This figure also includes an estimated $1 million in other purchases like filters.
Snapchat+’s expansion continues with Verizon users now able to purchase subscriptions through the carrier’s +play subscription store. Subscribers will receive three months of the service for free upon sign-up. This move marks the first time that the +play store, which focuses primarily on streaming service subscriptions, offers a premium subscription service. +play has over 30 other partners in various fields, including entertainment, education, and lifestyle services.
While Snapchat+ has seen steady growth, it’s still a small percentage of the platform’s user base. However, with continued investment and partnerships, the company hopes to attract more paid subscribers to the service.