Number of Snapchat paid subscribers exceeds 30 million
The figure includes subscriptions to Snapchat+, Memories Storage, and Lens+
Basic Snapchat+ provides access to exclusive and experimental features. Lens+ offers additional lenses and augmented reality capabilities, while Snapchat+ Platinum allows ad-free usage.
A year earlier, Snap announced limits on free Memories storage. Users were offered the option to pay for additional space or subscribe to Snapchat+ to retain their memories.
Snap CEO Evan Spiegel told investors that artificial intelligence-based features helped Lens+ surpass the company's expectations. According to him, paid subscriptions currently cover only a small portion of the monthly audience, so Snap sees opportunities for growth through broader adoption and new premium features.
Following the report's results, Snap shares dropped by 12% after the company failed to meet expectations for advertising revenue and audience growth. The number of daily active users for the quarter reached 495 million, compared to 493 million in the previous quarter. This figure fell short of analysts' forecasts of 499 million.
Spiegel added that advertising revenue growth remains below the company's target. Snap plans to improve ad effectiveness for clients and expand ways for businesses to engage with users.
