Snapchat Launches Paid Version In Several Countries, Strategy To Increase Profit Amid Recession

Snap Inc launched a paid version in several countries. (photo: doc. pixabay)

JAKARTA - Snap Inc on Wednesday, June 29 launched a paid version of the Snapchat app in the US and several other markets. This subscription version is pegged at 3.99 US dollars (Rp. 60 thousand) per month.

The decision marks a major step up from the video platform's revenue model, which has largely relied on advertising for the majority of its revenue.

Snap, which had teased a subscription version, Snapchat+, earlier this month, said it would be available in Canada, the UK, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates at launch.

Social media companies have been under pressure as companies cut advertising budgets in response to rising costs and weaker consumer spending caused by the global recession.

Last month, Snap said it would miss its revenue and profit targets for the second quarter and must slow down hiring and putting the brakes on spending. This condition also made its shares fall more than 40% in one day.

"Early features in the paid version include the ability to change app icons, see who's rewatching stories and pin other users in chat history as "BFFs"," Snap's senior vice president of product, Jacob Andreou, told tech news site The Verge, recently. -recently.

Introducing Snapchat+ https://t.co/nI9JFfo4s5

— Snap Inc. (@Snap) June 29, 2022

To start Snapchat+, you just tap Snapchat+ on your Snapchat profile to get started.

The company promises to expand its Snapchat subscription service to more countries in the future.

Apart from Snapchat, Facebook and Instagram have also started this feature, which was first introduced by TikTok on their respective platforms. Even Telegram has already launched its premium package.