Snapchat+ keeps growing as net revenue tops $20 million for the first time. Even though it just finished its biggest month ever in terms of in-app income, Snapchat’s premium membership shows no signs of slowing down its growth, according to new statistics. Snapchat+ allows users to enhance their stories, pin a best friend, modify the app icon, and obtain early access to new features, including new artificial intelligence functions, among other benefits.
It has been discovered that a significant number of Snapchat’s younger users are prepared to pay for these benefits. The subscription service reached a new milestone in November, surpassing $20 million in net income (after app store fees). Additionally, subscription revenue increased by double digits in nearly every nation where Snapchat+ is now available.
X Premium, the membership product initially known as Twitter Blue, is far behind Snapchat+. With $6.2 million in customer spending, X saw November’s most significant month of in-app revenue. However, this amount was still less than a third of what Snapchat+ generates monthly.
Since Snap announced in September that its subscription offering had hit a milestone of over 5 million customers, these findings, which originate from Apptopia, a supplier of app data, have come to light. The previous high was 4 million in late June, while the previous low was 3 million in the middle of April. Snap’s latest artificial intelligence products, such as its My AI chatbot, were released to members first, and increased access to a generative AI selfie tool called Dreams was among the early access features the firm introduced. Demand for the product showed no signs of slowing down significantly when the company added more early access features. Snap disclosed during its third-quarter earnings that the My AI chatbot had been utilized to deliver more than 20 billion messages.
Consequently, Snapchat+ continues to acquire new users for its current subscription, which has been around for over a year. Apptopia, the subscription service, brought in more than $31 million in customer spending before app store commissions. This is a month-over-month increase of 23.4% when compared to October’s figures. According to absolute revenue growth, this was the second-highest monthly gain ever recorded, even though it was not the most significant monthly increase measured in percentage terms.
Countries such as the United States of America, the United Kingdom, France, Australia, and Canada are among the leading markets driving consumer expenditure on subscriptions. The United States of America’s net revenue was the highest for November, increasing from $1.3 million to $1.8 million. Following France with a net amount of $1.2 million, Australia with a net amount of $1 million, and Canada with a net amount of $960,000, the United Kingdom came in second. To put it another way, the top four nations each produced more than one million dollars in income from the Snapchat+ membership offering.
Additionally, Apptopia discovered that the subscription is gaining popularity in locations that were not as predicted. For instance, Saudi Arabia is the seventh-most expensive market in consumer expenditure, which rarely happens.
