Snap announced on Wednesday that its direct revenue business has hit a $1 billion annualized revenue run rate, fueled by Snapchat+ which now has over 25 million subscribers. Snapchat+, introduced in 2022, offers exclusive and early-access features for $3.99 monthly. To expand revenue streams, Snap added more paid tiers beyond the core subscription over the past year.
In a blog post, Snap highlighted the rapid growth of Snapchat+, describing it as a significant revenue source alongside its ad business. Last June, Snapchat rolled out Lens+ for $8.99 monthly, offering exclusive Lenses and AR experiences along with standard Snapchat+ benefits.
Early 2025 saw the introduction of an ad-free Snapchat+ tier named Platinum at $15.99 monthly. Moreover, Snapchat controversially announced plans to limit free Memories storage, launching a $1.99 monthly paid storage plan. Snapchat+ users receive up to 250GB of storage, while Platinum users get 5TB.
Expanding beyond Snapchat+, Snap revealed it is launching creator subscriptions in the U.S. Users can subscribe to creators like Jeremiah Brown, Harry Jowsey, and Skai Jackson, with creators setting their own prices for subscriber-only content, priority story replies, and ad-free story experiences.
Looking ahead, Snap plans to enhance Snapchat+ with more customization and community-driven features. Seeing the potential for social media subscriptions, rival Meta is also testing exclusive feature subscriptions on Instagram, Facebook, and WhatsApp, as disclosed to TechCrunch last month.