"But Snapchat, with its package of user-aligned add-on tools, has clearly tapped into a valuable opportunity, using its audience nous to build add-on tools that users want to pay for, and enhance the Snapchat experience. And Snapchat definitely needs to diversify its revenue intake. But there's only so much ads that Snap can push in front of its users, so it also needs to consider other opportunities."
"But primarily, this intake is driven by Snapchat+, underlining the value of this add-on offering for Snapchat's dedicated audience. As per Snapchat: "Since launching in late 2022, Snapchat+ has become one of the fastest-growing consumer subscription services globally, with subscriber growth every quarter. What started as an early-access program for our most engaged Snapchatters has quickly scaled into a meaningful business - one that now represents a strong and growing revenue stream alongside our ads business.""
Snapchat has built a package of add-on tools, including Lens+ and Memories storage, that users are willing to pay for. Snapchat+ launched in late 2022 and has experienced consistent subscriber growth each quarter, evolving from an early-access program into a meaningful business alongside advertising. The add-on offerings enhance the user experience with exclusive AR features and storage options while leveraging Snap's audience knowledge. Advertising alone cannot be expanded indefinitely, so subscription revenue from Snapchat+ provides a critical diversification of income. Snapchat+ now represents a significant revenue opportunity and complements the ads business.
Read at Social Media Today
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