Snap said today that the company's paid subscription plan Snapchat+, which launched in June, now has more than 1 million users across the globe. The firm also introduced new features like priority replies to celebrities, new post view emoji, Bitmoji backgrounds, and custom app icons to its subscribers.
Last month, a report from Sensor Tower noted that Snap already registered $7.3 million in in-app revenue within 30 days of Snapchat+ launch — with the paid tier estimated to contribute more than $5 million of that sum. The analytics firm said that while the $3.99 monthly plan was a top choice, many folks also opted to get six-month or 12-month subscriptions priced at $21.99 and $39.99, respectively.
By comparison, Sensor Tower estimates Twitter's in-app income has totaled close to $4 million since the introduction of Twitter Blue in June 2021.
Snapchat's subscription could be faring better because of power users: The younger-skewing app and Instagram had 34% of their active installs open the app daily within Q2, per Sensor Tower. That puts Snapchat ahead of Facebook (31%), TikTok (23%), and Twitter (19%).
Why is this important?
Apple's AppTrackingTransparency (ATT) change has profoundly affected mobile social media companies' abilities to track and advertise to users, costing them billions in revenue. These social media companies are trying to diversify their revenue stream beyond advertising. It looks as though Snap is having some early success compared to rivals.
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