Snapchat+ Surpasses $20 Million in Monthly Revenue
Snapchat’s premium subscription service, Snapchat+, has reportedly achieved its highest monthly revenue ever, surpassing $20 million in November, according to data from app intelligence provider Apptopia. The success of Snapchat+ underscores its dominance in the market, far exceeding the in-app revenue of its competitors.
Snapchat+, the social media platform’s premium subscription offering, experienced a remarkable surge in subscription revenue, posting double-digit growth in nearly all regions where the service is active. The data reveals that Snapchat+ has outperformed competitors like X’s Premium service, which reported $6.2 million in in-app revenue in the same period.
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Snapchat announced in September that Snapchat+ had surpassed 5 million subscribers, marking a substantial increase from the 3 million subscribers reported five months earlier. The Apptopia data further highlights that the subscription plan generated over $31 million in consumer spending before app store commissions, demonstrating a notable 23.4% month-over-month increase.
Recent reports indicate that Snapchat is exploring new revenue streams, testing ad-free subscriptions as part of its efforts to drive recurring revenues. The ad-free tier, currently being tested in Australia and Norway, comes with a price tag three times higher than the standard Snapchat+ subscription. This move aligns with Snapchat’s broader strategy of experimenting with various subscription options, as evidenced by the testing of a “Friends & Family Plan.”
Snapchat parent company Snap’s CFO, Derek Andersen, expressed satisfaction with Snapchat+’s performance, emphasizing its meaningful contribution to the business in terms of both top-line growth and improved margins. The ongoing success of Snapchat+ positions it as a key player in the evolving landscape of social media subscriptions.
The impressive growth of Snapchat+ contrasts with recent findings suggests that subscription merchants should exercise caution in bombarding loyal subscribers with excessive promotional materials. As the subscription landscape continues to evolve, balancing user satisfaction with revenue generation remains a critical consideration for platforms seeking long-term success.
