Social media company Snap revealed more than 1 million subscribers have signed up to its Snapchat+ premium service six weeks after its launch as part of a push to generate new revenue following recent financial struggles.
The company announced it crossed the 1 million mark in a blog outlining new features, in addition to announcing it had made the service available in 25 countries including the UK, India and Saudi Arabia.
Snap launched Snapchat+ in June in the US for $3.99 a month and it now offers 11 features not available to users of the basic social media platform.
The launch of Snapchat+ came shortly before the company reported poor Q2 earnings which caused a drop in its share price of 25 per cent, fitting a wider trend in which social media companies experienced weaker advertising demand.
Snap issued a filing in May warning it had lowered its guidance for Q2, citing deteriorating macroeconomic conditions including inflation, interest rate issues, supply chain shortages and platform policy changes, among others.
Social media rival Twitter has also launched a subscription product, Twitter Blue, while Meta Platforms’ services Facebook and Instagram have yet to follow.
Additional features launched on Snapchat+ include new app icon designs, ability to have greater exposure to celebrities and allowing users to access the service on desktops.
