Snapchat subscriptions hit $1 billion annualised revenue as paying users top 25 million

Snap Inc has announced that its direct revenue division has reached a $1billion annualised revenue run rate, highlighting the growing contribution of paid subscriptions to the company’s overall business. The milestone is driven by Snapchat+, the platform’s premium tier, which now has more than 25 million subscribers globally. Launched in late 2022, Snapchat+ was originally seen as an early-access offering for highly engaged users. It has since expanded into a broader subscription product offering additional features for a monthly fee. The development shows Snap’s efforts to diversify its revenue streams at a time when digital advertising markets remain volatile. Snapchat has more than 946 million monthly active users worldwide, according to the company. Within that base, Snapchat+ offers features focused on customisation and interface changes, such as pinned friends, personalised chat backgrounds and additional Bitmoji options. In addition to Snapchat+, Snap has introduced other paid products. Lens+ provides subscribers with access to certain artificial intelligence and augmented reality tools. Snapchat Platinum offers a reduced-ad experience, while Memories Storage Plans allow users who exceed 5GB of stored content to purchase additional storage capacity. The company has also rolled out Creator Subscriptions, enabling users to pay individual creators for exclusive content and
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