Snapchat crosses 30M paid subscribers
What's the story
Snap Inc. the parent company of Snapchat, has announced a major milestone in its third-quarter earnings report. The company now has more than 30 million paid subscribers for its Snapchat+ service. This is an increase of five million since February when Snap had reported over 25 million subscribers. The achievement comes after Snap introduced new subscription tiers to boost revenue amid user growth challenges.
Subscription details
Exclusive features for $3.99 per month
Launched in 2022, Snapchat+ offers subscribers exclusive features for $3.99 per month.
After its success, Snap launched additional paid tiers to diversify its revenue streams.
These include Lens+, priced at $8.99 per month for exclusive Lenses and AR experiences, and Snapchat+ Platinum, a premium tier costing $15.99 monthly that provides an ad-free experience.
CEO statement
Snap CEO's letter to investors
In a letter to investors, Snap CEO Evan Spiegel said, "We surpassed 30 million paid subscribers across Snapchat+, Memories Storage, and Lens+."
He credited innovative AI-powered features for the success of Lens+, saying they exceeded expectations.
Spiegel also noted that "paid subscribers still represent a small share of our monthly community," indicating potential growth opportunities through broader adoption and new premium experiences.
User statistics
Snap's daily active users stood at 495 million
Despite the subscriber growth, Snap's daily active users (DAUs) for the quarter stood at 495 million, slightly below expectations. This shortfall led to a drop in shares.
However, Spiegel remains optimistic about future growth.
He said that while advertising revenue growth is currently below their target, they plan to focus on improving advertiser performance and expanding business outreach to users.