SANTA MONICA, Calif.—In a bid to create a new revenue stream, Snapchat has launched a new $3.99 a month subscription service Snapchat+.
The service has launched in the U.S., Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates, with more territories to follow, the company said.
The company’s stock has lost about one third of its value in the last six months, and the company has been under pressure to boost revenue, which is currently based on advertising.
The new service will include ads but offer subscribers “a collection of exclusive, experimental, and pre-release features available in Snapchat,” the company said. “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 service is targeted to avid users and joins subscription services recently launched by Twitter and Telegraph.
Currently more than 332 million people worldwide use Snapchat every day, the company said.
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George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.