The subscription-based model, priced at $3.99 a month, is initially being rolled in the US, Canada, the UK, France, Germany, Australia, New Zealand, Saudi Arabia and the UAE. India is currently not part of this plan.
Snap Inc, the company that owns Snapchat, launched a paid version of the social media app in the United States and some other markets on Monday. The subscription, which costs $3.99 a month, is aimed at power users in the US, Canada, the UK, France, Germany, Australia, New Zealand, Saudi Arabia and the UAE. India is currently not part of this plan.
Recommended ArticlesView All
Decoding multi-year health insurance policy — What is it and what are key benefits?
IST3 Min(s) Read
View | Pakistan Election: Will Imran Khan's changed tack from long march to resignations to snap poll work?
IST5 Min(s) Read
View | G20 Presidency: India can shape global Web3 narrative
IST6 Min(s) Read
Initially, the paid version will 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.
Storyboard18 - Stacks & Strategies | Martech trends that will dominate India market in 2022 and beyond
This is a major step away from Snapchat's current model of ad-based revenue. Snap had teased the subscription-based model earlier this month. The move comes during a time when social media firms are increasingly under pressure to boost revenues 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 percent in a single day.
With Reuters inputs
First Published: IST