(CTN News) – Snapchat has announced today that its subscription service for power users, Snapchat+, has now surpassed 5 million subscribers – this is a significant increase from 4 million subscribers in late June and 3 million subscribers in mid-April.
The $3.99 a month subscription offer has now been available for over a year, and the service offers access to a broad range of exclusive features, including custom app themes, unique app icons, the ability to pin your favorite BFF, tools for enhancing your Stories or for seeing who rewatched them, and more.
Since Snapchat+’s launch in 2016, the demand for the product has been growing as Snap has added more features, including early access to Snap’s latest AI products, including the My AI chatbot and Dreams, a generative AI selfie feature called Dreams.
Despite this, the growth of the product has also likely been helped by other methods as well, including the ability to buy a Snapchat+ subscription through Verizon’s subscriptions store, called +Play, which also offered a Snapchat+ subscription.
Even though Snap has 5 million subscribers, its subscription service can’t generate more than a fraction of the company’s overall revenue, which in Q2 came to $1.07 billion, the bulk of which came from advertising.
The result of this is that it is performing better than X’s subscription product introduced a few years ago, now called X Premium, which has done quite well since it was launched.
Research from an independent organization indicated that X has sold roughly 1 million subscriptions to date, according to researcher Travis Brown, who has been tracking the success of the app formerly known as Twitter Blue over on GitHub for the past few months.
Elon Musk, the owner of X, has stated that the app has over 550 million active users around the world on a monthly basis. It is reported that Snapchat has 397 million daily active users on its platform, according to the company.