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Snap's early bets on Snapchat+ are paying off

AuthorInvesting.com
EditorHari Govind
Published 09/22/2023, 08:22 PM
© Reuters.
SNAP
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Snap (NYSE:SNAP) is modestly higher in pre-open trading Friday, following a report from Bloomberg News on Thursday that the company's paid service now has more than 5 million subscribers. This is halfway to the company's mid-term goal of 10 million subscribers.

Snapchat+ offers users early access to new features, such as an AI-generated selfie maker, for a monthly subscription of $3.99.

Based on the 5 million user figure, the company could be generating $240 million per year from the service already. This compares to the company's $4.6 billion in total revenue last year.

Snapchat has reported that sign-ups for Snapchat+ have surpassed their initial expectations. Earlier this year, CEO Evan Spiegel stated that his 'medium-term goal' is to reach 10 million users.

Shares of Snap are up 1% in pre-open trading Friday. They are down 3.6% year-to-date going into early trading.

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