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.
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.
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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: Jun 29, 2022 11:07 PM IST
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