A year after Snap launched a premium subscription tier for Snapchat, it has reached a new milestone.
More than four million people are now paying for Snapchat+, up from two million at the end of 2022. That means the company has been signing up an average of 333k net new subscribers a month in 2023.
Snapchat+ costs $3.99 a month, which means it’s currently generating monthly gross revenues of just under $16m – an annual business of $191.5m.
That’s still relatively small in the context of Snap’s wider business, which generated revenues of $4.6bn in 2022.
Meanwhile, Snapchat ended March 2023 with 383 million daily active users, meaning that only just over 1% of those people are paying for the premium tier.
Snap continues to launch exclusive features to fuel Snapchat+ growth though: the latest being expressive chat messages and custom chat colours, announced alongside the 4m milestone.