July 3, 2022

Snap Inc on Wednesday launched a premium version of the Snapchat app in the U.S. Priced at $3.99 monthly, this represents a major step away from a revenue model that mainly relies on advertising.

Snapchat+ would also be made available in Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates.

According to Snap’s senior vice president of product, Jacob Andreou, some features in the premium version include the ability to change the app’s icon, view who re-watched a story as well as pin other users on chat history as a “BFF.”  

In June, Snap announced it would miss revenue and profit projections for the second quarter and would have to lower spending and hire less people, causing its shares to dip by over 40 per cent in a single day. 

For more information, read the original story in Reuters.