Snapchat launches paid version in multiple countries, strategy to boost profits during recession

JAKARTA – Snap Inc on Wednesday (June 29th) launched a paid version of the Snapchat app in the United States and several other markets. This subscription version is set at 3.99 US dollars (60,000 rupees) per month.

The move marks a major step up from the video platform’s revenue model, which relied heavily on advertising for its revenue.

Snap, which teased a subscription version, Snapchat+, earlier this month, said it would be available in Canada, the UK, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates at launch.

Social media companies have been under pressure as companies cut advertising budgets in response to rising costs and falling consumer spending caused by the global recession.

Last month, Snap said it would miss second-quarter revenue and profit targets and would have to slow hiring and curb spending. The condition also caused its shares to fall more than 40% in one day.

“Early features in the paid version include the ability to change app icons, see who’s watching stories again, and pin other users to chat history as ‘BFFs,'” said Snap’s senior vice president of product, Jacob Andreou, to the tech news site. The edgerecently.

To start Snapchat+, just tap Snapchat+ on your Snapchat profile to get started.

The company promises to expand its Snapchat subscription service to other countries in the future.

In addition to Snapchat, Facebook and Instagram have also launched the feature, which was first introduced by TikTok on their respective platforms. Even Telegram has already launched its premium package.

Robert Butler

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