Snap Launches Paid Subscription Plan That Costs $3.99 A Month

(RTTNews) - Snapchat (SNAP) on Wednesday announced that it's launching a new subscription product called Snapchat+. The new subscription plan, which is a "collection of exclusive, experimental, and pre-release features available in Snapchat," is priced at $3.99/month.

"This subscription will allow us to deliver new Snapchat features to some of the most passionate members of our community and allow us to provide prioritized support," the company said in a statement.

Earlier this month, the company had revealed that it was testing this feature, without giving out many details. The new subscription plan will launch in the United States, Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates, with more countries to be added soon.

Although Snapchat reported strong results in the first quarter, the company issued a weak revenue outlook for the second quarter, due to negative impact of the war in Ukraine. Evan Spiegel, CEO of the social media firm in a note to its employees said the macro environment has deteriorated further and faster than expected.

Meanwhile, other social media companies have also launched subscription services recently to improve their revenues. Last year, Twitter announced the Blue subscription that offers ad-free access to other websites for $2.99 a month. Telegram introduced Telegram Premium in June, which included features like more chat folders and the ability to send larger files of up to 4GB size on the app.