Snapchat+ continues to grow with net revenue exceeding $20 million for the first time

Snapchat’s Snapchat+ premium subscription has achieved a significant milestone, showing no signs of slowing growth as it comes off its best month ever, in terms of in-app revenue, new data indicates. Many of Snapchat’s younger users are willing to pay for the perks of Snapchat+, which offers tools to enhance stories, pin a Best Friend, change the app icon, as well as gain early access to new features, including new AI features, and much more. In November, the subscription offering topped $20 million in net revenue (after app store fees) for the first time, while subscription revenue rose by double digits in almost every country where Snapchat+ is live.

Snapchat+ is pulling far ahead of X Premium, the subscription product formerly known as Twitter Blue. In November, X saw its highest month of in-app revenue purchase to date with $6.2 million in consumer spending, but it was still less than a third of what Snapchat+ is bringing in.

These findings come from app intelligence provider Apptopia, following Snap’s announcement in September that its subscription offering had reached a milestone of over 5 million subscribers. This milestone was up from 4 million in late June and 3 million in mid-April. Demand for the product showed no signs of slowing, especially as the company introduced more early access features including Snap’s latest AI products, like its My AI chatbot which rolled out to subscribers first, and expanded access to a generative AI selfie feature called Dreams.

As a result, Snapchat+ is continuing to add subscribers for its now over a year-old subscription. Notes Apptopia, the subscription pulled in a total of more than $31 million in consumer spending before app store commissions, and was up 23.4% month-over-month, compared with October.

The top markets fueling the subscription’s consumer spending include the U.S., U.K., France, Australia, and Canada, with the U.S.’s net revenue leading the month in November. This was followed by the U.K., France, Australia, and Canada. The top 4 countries generated north of $1 million in revenue each for the Snapchat+ subscription.

In addition, Snapchat+ has been finding traction in unexpected areas as well, with Saudi Arabia as the seventh market by consumer spending. Moreover, the data doesn’t fully capture Snapchat+’s revenue as U.S. users can purchase a Snapchat+ subscription via gift cards sold on Amazon, outside of the app stores, meaning that Snapchat+’s revenue may be even higher than the firm’s estimates.

Snapchat’s premium subscription Snapchat+ is growing with a substantial increase in revenue, owing to the perks and benefits that it offers. The data reported by Apptopia underscores the popularity of Snapchat+ among younger users, consistently adding subscribers. With no signs of slowing demand for the product, Snapchat+ continues to generate impressive revenue and is expanding into unexpected markets. This robust performance indicates the resilience and appeal of Snapchat’s premium subscription service.

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