Snap says Snapchat+ has 3 million paid subscribers By Reuters

© Reuters. FILE PHOTO: Snapchat emblem is seen on this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration

By Sheila Dang

(Reuters) – Snap Inc (NYSE:) on Wednesday mentioned its subscription service Snapchat+ now has 3 million customers, because the tech firm goals to diversify its enterprise.

Snapchat+, which launched final yr for $3.99 per 30 days, has been a key a part of the corporate’s efforts to develop its income past digital promoting, which is struggling as some manufacturers lower advertising and marketing budgets amid issues concerning the financial system.

Snap introduced the milestone at its Accomplice Summit on Wednesday, an annual occasion the place it reveals new options for customers, content material creators and advertisers on its photograph messaging app.

The variety of subscribers for Snapchat+ signifies the corporate is seeing success at a time when social media platforms are more and more in search of to cost customers for sure options.

Twitter, owned by billionaire Elon Musk, revamped a subscription product referred to as Twitter Blue in December to make customers pay to have their profiles verified.

Impartial researcher Travis Brown estimated that Twitter Blue had about 539,000 subscribers as of Sunday.

Snap’s subscription service permits customers to realize early entry to new options. In February, Snap launched a generative synthetic intelligence chatbot referred to as My AI, which might produce written responses to queries, rolling it out first to Snapchat+ subscribers.

The Santa Monica, California-based firm can be working to develop its augmented actuality (AR) expertise, which might improve the view of the actual world with computerized photographs.

Final month, Snap launched an enterprise division to assist different firms construct AR experiences for their very own apps and web sites.