Snap debuts paid service Snapchat+ with exclusive features

SNAP is launching a paid version of the widely used social media platform offering "exclusive" and "experimental" features.

For US$3.99 a month, the subscription, called Snapchat+, will offer a unique experience to "some of the most passionate members of our community", the company said in a statement on Wednesday (Jun 29). The company didn't offer other details about the plan.

Snapchat, which benefitted from a surge in usage during the pandemic, has since had a tumultuous few months. In May, the company cut its revenue and profit forecasts and said it would slow hiring, sending its shares plummeting 43 per cent. The Santa Monica, California-based company began testing a subscription service earlier in June.

Other social media companies have also been turning to subscription models as a way to diversify their revenue streams away from advertising. Twitter has the Blue subscription, which grants ad-free access for US$2.99 a month. Messaging app Telegram also rolled out its Premium subscription this month, giving users extra features for US$4.99 a month.

Snapchat+ will be available in a handful of countries including US, UK, Germany and United Arab Emirates. BLOOMBERG