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Home Social media

Snap has launched a paid version of its Snapchat app

Tech Gist Africa by Tech Gist Africa
07/04/2022
in Social media, The Big 5, World News
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Snap has taken a significant move away from a business strategy that relies primarily on advertising by releasing a paid version of the Snapchat app in the United States and a few other countries for $3.99 per month. 

At launch, Snapchat+ will be accessible in Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates, according to Snap, which earlier this month hinted the subscription version. 

According to Snap’s senior vice president of product, Jacob Andreou, the first features in the paid edition include the option to alter the app’s icon, see who re-watched a story, and mark other users on chat history as a “BFF.” 

Snap’s shares dropped more than 40% in a single day last month after it said last month that it would miss its revenue and profit goals for the second quarter and would have to restrict recruiting and reduce spending. 

Companies are reducing their advertising budgets in reaction to rising expenses and decreased consumer spending, putting pressure on social media companies.

 

Read more on Tech Gist Africa:

Pinterest is introducing new revenue features that will allow creators to earn from their pins

Instagram has begun rolling out ads on the Shop tab worldwide

According to a report, the ad revenue of TikTok would surpass that of Twitter and Snapchat combined in 2022

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Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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