By Sam Boughedda
Investing.com - Snap Inc (NYSE:SNAP), the parent company of Snapchat, is up more than 4% Monday morning after it revealed it has reached 1 million subscribers for Snapchat+, its premium subscription service.
Snap launched the service in June as a way of attaining a new source of revenue.
Snapchat+ costs $3.99 per month in the United States and gives users access to 11 exclusive features. The social media giant announced four new features on Monday, including the capacity for subscribers' messages to be more visible to celebrities on the platform. In addition, subscribers are also able to use Snapchat on desktops.
Social media companies are looking at ways to further diversify their revenue due to inflation impacting the ad market and Apple (NASDAQ:AAPL)'s privacy changes hurting revenues.
Snap said the Snapchat+ feature is expanding to more countries such as Saudi Arabia, India, and Egypt, taking it to 25 markets in total.
Snap shares are down 74.5% in 2022 after plunging following its third-quarter earnings report, which revealed weaker than expected advertising demand.