• Snapchat+ subscription plan took place on account of poor sales forecast for second-quarter results while the company  released the results of the first-quarter in April.
• With the launch of this plan, Snapchat aims to diversify its revenue  nine countries including the U.S.
• The new plan includes experimental, pre-release, and exclusive features like   customization of the app’s icon and BFF pinning.

Snap Inc., the American social media company that owns Snapchat, has reportedly rolled out a new subscription plan called Snapchat+ in nine countries including the United States, the United Kingdom, Canada, Saudi Arabia, Germany, France, New Zealand, Australia, and the United Arab Emirates.

At $3.99 per month, this plan supposedly unlocks pre-release and exclusive features for its users

Snapchat introduced the new plan after an unpleasing sales estimation for the current quarter when declaring the results of the first quarter in April 2022.

Derek Andersen, the CFO of Snap Inc., allegedly stated that macroeconomic factors like disruptions in the supply chain, inflation, and labor shortage have hampered Snap’s main source of revenue, Advertisement.

The company could expand its revenue sources with Snapchat+, although , Jacob Andreou, the Senior Vice President of products at Snapchat, has proposedly stated that the company is not expecting the innovation to become a source of revenue.

 As per reports, Snapchat witnessed a 1% decline in company shares following the new announcement.

With the new Plus plan, users can access experimental, pre-release, and exclusive features, such as, customizing the app’s icon and pinning close friends as  BFFs (Best Friends Forever). It is proposed for the most  passionate  Snapchat users, says Snap Inc.

Recently, other social media service providers have also implemented their subscription plans. Twitter launched the Blue subscription plan at $2.99 per month in 2021 which grants access to other websites without ads. Furthermore, in June, Telegram, a cloud-based instant chat app also introduced the Telegram Premium plan.

Source credit: https://www.cnbc.com/2022/06/29/snapchat-plus-subscription-plan-price-release.html