Snap Inc, parent company of social media app Snapchat, has reached 1 million subscribers for its Snapchat+ premium subscription, after launching the service in June as a new source of revenue.
Social media companies including Snap, Twitter and Meta Platforms, which all earn the majority of revenue from selling digital advertising, are facing a weakening ad market due to record-high inflation causing brands to reign in their marketing spending.
Snap CEO Evan Spiegel said the company would work to speed up revenue growth, in part through new sources of revenue.
Snapchat+, which costs $3.99 per month in the United States, offers access to 11 exclusive features not yet available to general users.
Snapchat will have four new features including Snapchat app icon designs and the ability for subscribers to ensure more visibility for their messages to celebrities on Snapchat. Subscribers can use Snapchat on desktops.
The paid subscription feature is expanding to more countries including Saudi Arabia, India and Egypt, for a total of 25 markets, Snap said.
Twitter also previously launched a $4.99 per month subscription product called Twitter Blue. Facebook and Instagram do not offer paid subscriptions as of now.