Amid mounting revenue pressures that forced the app to warn of a profit last month, Snapchat is exploring a new potential monetization path. A new subscription service called ‘Snapchat +’ Which will give users access to a new range of exclusive and experimental app features and tools.
As you can see in this example, the app is shared by researchers Alessandro PaluzziSnapchat + will come with variable payment levels, along with a free, one-week trial option that enables you to test what’s on offer through the service.
Currently, in this initial iteration, that offer includes:
- Access to exclusive Snapchat icons
- A new profile badge to show that you are a Snapchat + user
- Including new data insights, the ability to view your friends’ location history (over the last 24 hours) and who has revisited your story
- Ability to pin a user to ‘your # 1 best friend’ in the app
None of this is exactly a touching addition – but again, this is the first day, and it could change a lot between now and an official release, if it actually gets to that point.
We asked Snapchat about Snapchat + and it provided this statement:
“We are conducting an initial internal audit of Snapchat +, a new subscription service for Snapchatters. We’re excited about the possibility of sharing exclusive, experimental, and pre-release features with our customers, and learn more about how we can best serve our community. “
It’s basically like Twitter Blue, but instead for Snapchat – but if the current Twitter Blue take-up is anything to go by, it’s unlikely to be a huge hit with most users.
In his most recent performance update, Twitter reported that it was Revenue from subscriptions and other non-advertising sources totaled 21 94 million in 4 21, a decrease of 31% year on year. That suggests Twitter Blue Still not gaining any traction, while Twitter CEO Parag Agarwal also said that Twitter Don’t hit the ‘middle milestone that enables confidence’ With its new revenue and growth projects.
Will Snapchat + be better?
I guess one of the reasons that Snap can feel more confident is that Snapchat is a more personally-connected app, with users having a stronger relationship with the platform for the purpose of personal messaging and interaction. Take, for example, the popularity of Snap Streak, which sees users work to keep their daily interactions alive, sometimes at any cost, which shows that Snap users have a reasonably more compelling connection to Snapchat as their preferred app.
This is likely to be a temptation for more users looking to sign up, while additional data may be a temptation for those looking to gain more insight into their connection.
This could actually be a strong selling point, more so than what Twitter Blue has to offer – although again, this is early days, too early to say what the actual offer will be in the end.
But Snap has to try something new.
As mentioned, last month, Snapchat issued a Guidance note to SEC Which suggested that it would have overall revenue It misses the goal that communicates between her Q1 Earnings UpdateWhich it reported just a month ago.
Such as Snap:
“Since we issued the guidelines on April 21, 2022, the macroeconomic environment has become faster and worse than expected. As a result, we believe we will report revenue and consistent EBITDA below the lower end of our Q2 2022 guideline range. “
Can a subscription offer help increase Snap’s revenue, and keep it on track with other projects – such as AR Spectacles?
There seems to be some value for Snap users, perhaps more than what Twitter has seen. We will keep you updated on any progress.
