Snapchat announced that its paid service, Snapchat Plus, has surpassed 5 million subscribers.
Snap CEO Evan Spiegel stated in an interview with Bloomberg that the company aims to reach 10 million subscribers for the service in the medium term.
Through this paid service, Snapchat aims to increase its non-advertising revenue by directly collecting subscriptions from Snapchat users.
The company launched this service in June of last year, providing exclusive additional features to Snapchat users in exchange for a monthly subscription fee of $4.
Subscribers to Snapchat Plus get early access to new features and enjoy several other benefits not available to regular users, it’s worth noting that the number of subscribers to this service is relatively small compared to the platform’s total user base, which exceeds 750 million monthly active users.
The moderate success of Snapchat Plus stands in contrast to Twitter Blue, formerly known as Twitter Premium, which Elon Musk is trying to leverage to boost his company’s revenue after a decline in advertising revenues and a pullback from advertisers.
Twitter, now known as X-Twitter, has not officially disclosed the number of subscribers to its paid service, but some estimates suggest that the service hasn’t reached one million subscribers yet.
