Its AR feature was the primary driver of growth in its target market. Users can choose from various AR personas to add to their snaps, such as bunny ears and animal faces. It's well known for integrating AR (Augmented Reality) tech into its offering.
It's primary demographic is teenage girls. Snapchat targets a youthful audience, with its key demographic being people under 25-years old. Users can delete their snaps at any time, encouraging natural interactions between its users. The concept of disappearing snaps made the platform unique from other social media sites that store the user's content on its servers forever. The user shares their snaps with their followers and friends before the Snap disappears from the user's profile after 24-hours. Facebook and Instagram do not offer paid subscriptions as of now.Snapchat is a social media app allowing its users to take "snaps," which are short videos. Twitter, which is in a legal battle with billionaire Elon Musk over his attempt to walk away from his $44-billion deal to buy the company, also previously launched a $4.99 per month subscription product called Twitter Blue. The paid subscription feature is now expanding to more countries including Saudi Arabia, India and Egypt, for a total of 25 markets, Snap said. Subscribers can also use Snapchat on desktops. Four new features announced Monday include new Snapchat app icon designs and the ability for subscribers to have their messages be more visible to celebrities on Snapchat. Snapchat+, which costs $3.99 per month in the United States, offers access to 11 exclusive features not yet available to general users.
Chief Executive Evan Spiegel said the company would work to speed up revenue growth, in part through new sources of revenue. Snap's shares dropped 25% last month after disappointing second quarter earnings, as it suffered from weaker advertising demand than Wall Street had expected. Social media companies including Snap, Twitter Inc (TWTR.N) and Meta Platforms Inc (META.O), which all earn the majority of revenue from selling digital advertising, are facing a weakening ad market due to record-high inflation causing brands to reign in their marketing spending.
Aug 15 (Reuters) - Snap Inc (SNAP.N), parent company of social media app Snapchat, has reached 1 million subscribers for its Snapchat+ premium subscription, the company said on Monday, afterlaunching the service in June as a new source of revenue.
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