Snap launches paid version of Snapchat app
A woman stands in front of the logo of Snap Inc on the floor of the New York Stock Exchange (NYSE) in New York City, NY, US, on March 2, 2017.
PHOTO: Reuters file
PUBLISHED ONJune 30, 2022 2:52 AM
Snap Inc on Wednesday (June 29) launched a paid version of the Snapchat app in the US, priced at US$3.99 (S$6) a month, and a few other markets, in a major step away from a revenue model dependent mostly on advertising.
Snap, which had teased the subscription version, Snapchat+, earlier this month, said it would be available in Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates at launch.
Social media firms are under pressure as companies cut back on ad budgets in response to rising costs and weakening consumer spending.
Last month, Snap said it would miss revenue and profit targets for the second quarter and would have to slow hiring and lower spending, sending its shares down over 40 per cent in a single day.
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Initial features in the paid version include the ability to change the app's icon, see who re-watched a story and pin other users on chat history as a "BFF", Snap's senior vice president of product, Jacob Andreou, told tech news site The Verge.