Snap launches paid version of Snapchat app priced at $3.99 a month | Tech News

Snap launches paid version of Snapchat app priced at $3.99 a month

Snap Inc on Wednesday launched a paid version of the Snapchat app in the U.S., priced at $3.99 a month.

By:REUTERS
| Updated on: Jun 29 2022, 21:43 IST
snap
Last month, Snap said it would miss revenue and profit targets for the second quarter. (REUTERS)

Snap Inc on Wednesday launched a paid version of the Snapchat app in the U.S., priced at $3.99 a month, and a few other markets, in a major step away from a revenue model dependent mostly on advertising.

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

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Social media firms are under pressure as companies cut back on ad budgets in response to rising costs and weakening consumer spending.

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Last month, Snap said it would miss revenue and profit targets for the second quarter and would have to slow hiring and lower spending, sending its shares down over 40% in a single day.

Initial features in the paid version include the ability to change the app's icon, see who re-watched a story and pin other users on chat history as a "BFF", Snap's senior vice president of product, Jacob Andreou, told tech news site The Verge.

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First Published Date: 29 Jun, 21:43 IST
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