Snap Inc. has reached a major milestone with its direct revenue business. The company confirmed that Snapchat+, its subscription service, has surpassed 25 million subscribers and a $1 billion annualized revenue run rate. The Annualized revenue reflects the current revenue rate projected over a full year.
Snapchat+ was launched back in 2022 and offers subscribers early access to exclusive features for $3.99 per month. Over the past year, Snap has added multiple paid tiers to diversify its revenue, including Lens+ at $8.99 per month and the ad-free Platinum tier at $15.99 per month. The company has also introduced a paid storage plan for Memories at $1.99 per month.
Snap described Snapchat+ as “one of the fastest-growing consumer subscription services globally.”
The company is now experimenting with creator subscriptions in alpha in the U.S. Users can subscribe to creators to gain access to exclusive content, priority replies, and ad-free experiences. Creators can set their own subscription prices.
Snap plans to expand Snapchat+ with a focus on customization and community-driven features. The company’s success highlights that there is a growing market for paid social media experiences.
