Snapchat+ Reaches 7 Million Subscribers
Technology company, Snap, Inc. ($SNAP) has reported that its Snapchat+ offering now has seven million subscribers. Snapchat+ is Snapchat’s premium subscription service that gives users early or exclusive access to features on its social media app, including artificial intelligence tools. The service was launched in July 2022.
In September, the company reported that the service had 5 million users. Snap’s goal is to reach 10 million users in the medium term. Snapchat+ is priced at $3.99 a month in most markets. 7 million users would bring the company more than $330 million a year, based on Bloomberg calculations. Analysts expect $4.6 billion in total annual revenue for 2023.
Snapchat’s stock performance in 2023 has shown signs of growth and positive momentum. In the third quarter of 2023, Snap Inc., Snapchat’s parent company, reported a 5% year-over-year increase in sales, reaching $1.19 billion. This marked a return to revenue growth for the company, representing its first quarterly rise in the year. The stock’s value has also experienced an upward trajectory, reaching its highest price in over a year, following an upgrade by Wells Fargo from equal weight to overweight.
Long-term forecasts suggest a positive outlook for Snap’s stock price, anticipating it to reach $20 by the end of 2023 and $25 by the middle of 2025.
Snapchat+ offers users exclusive, experimental, and pre-release features, enhancing and customizing the Snapchat experience. Subscribers gain access to a range of additional functionalities, including priority story replies, the ability to pin a Best Friend Forever (BFF), custom camera options, chat wallpapers, and post view indicators. This subscription represents a collection of unique offerings designed to elevate the user experience on the platform. From story rewatch indicators to friend ghost trails and custom app icons, Snapchat+ provides a variety of features that cater to the preferences of its paid subscribers.
About Snap, Inc.
Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.
