Snapchat recently reported that its paid plan, Snapchat+, has more than three million users. This was announced during the Snap Partner Summit event. In the near future, Verizon users will be able to purchase Snapchat+ through their subscription store called +Play.
The platform’s upgrade was released back in June of 2020 and was later rolled out to various regions throughout the months following. The user count grew significantly with 1 million customers by August and two million by February of 2021. While the three million users may seem substantial, it is only a small percentage of the 375 million daily active users.
The platform has become more user-oriented with new features and additional customization being added, such as custom notification sounds, chat wallpapers, and a plan gifting feature. Snapchat also said that its users will be able to temporarily ‘Freeze’ their Snap Streaks. To stay ahead of its competitors, the app has integrated artificial intelligence (AI) features such as an AI Chatbot. However, safety features were added after many users had raised the inappropriate responses by the bot. The app also recently introduced a feature that lets users generate a background when prompted by text.
These in-app purchases have resulted in a revenue of $80 million for the company. Of this, $1 million was earned through other purchases such as filters. 57 percent of Snapchat+ users are from the United States, with 10 percent from the United Kingdom, 5 percent from Saudi Arabia, Australia, and Canada respectively. These figures are minuscule compared to the $4.6 billion revenue posted by Snapchat in 2022.
Snapchat, a multimedia messaging platform, was created by Evan Spiegel, Bobby Murphy and Reggie Brown. It has been adapted for use by many industries, whether it be for businesses, education or the arts, and as such is considered one of the most popular social media apps in the world. It is also the most popular service for teenagers and is widely used by celebrities. The app provides a platform for users to share messages, pictures and videos, with the use of artificial intelligence algorithms allowing for content to be personalized for each user.
