Number of paid Snapchat subscribers exceeds 30 million
The number of paid Snapchat subscribers has exceeded 30 million, Snap reported in its third-quarter earnings.
The figure includes subscriptions to Snapchat+, Memories Storage, and Lens+. The basic Snapchat+ provides access to exclusive and experimental features. Lens+ offers additional lenses and augmented reality capabilities, while Snapchat+ Platinum allows ad-free usage.
A year earlier, Snap announced limits on free Memories storage. Users were offered the option to pay for additional space or subscribe to Snapchat+ to retain their memories.
Snap CEO Evan Spiegel told investors that artificial intelligence-based features helped Lens+ surpass the company’s expectations. According to him, paid subscriptions currently cover only a small portion of the monthly audience, so Snap sees opportunities for growth through broader adoption and new premium features.
Following the earnings report, Snap’s shares dropped by 12% after the company fell short of expectations for advertising revenue and audience growth. The number of daily active users for the quarter reached 495 million, up from 493 million in the previous quarter. However, this figure was below analysts’ forecasts of 499 million.
Spiegel added that advertising revenue growth remains below the company’s target. Snap plans to improve ad effectiveness for clients and expand ways for businesses to engage with users.
