Social media platform, Snapchat has launched a paid version on its app. The app had already hinted at the development of the paid version earlier in the month as it sought to expand its revenue sources.
Earlier this month, messaging app Telegram launched a paid premium version starting at Sh588 ($4.99) per month. Snapchat will reportedly charge Sh470 ($3.99) a month for the premium option. Social media platforms have been under pressure to come up with alternative revenue sources due to the economic pressure that has resulted in several companies slashing their advertising budgets.
Snapchat premium will be launched in a few markets before a global roll out. The service will be available to users in the US, Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia and United Arab Emirates.
Snap announced last month that it would miss revenue and profit targets for the second quarter and would have to slow hiring and cut spending, sending its stock down more than 40% in a single day.
Among the features users should expect to see in the paid version are the ability to change the app’s icon, see who re-watched a story and
According to Snap’s senior vice president of product, Jacob Andreou, initial features in the paid version include the ability to change the app’s icon, see who re-watched a story, and pin other users on chat history as a “BFF.”