Weeks after Snap Inc. (NYSE: SNAP) announced its expected revenue and adjusted EBITDA guidance miss, it is reportedly in the works to develop a premium subscription service for its flagship app.
Called Snapchat Plus, the paid service gives users access to early features and exclusive capabilities–much like Twitter’s Blue service.
“We’re doing early internal testing of Snapchat Plus, a new subscription service for Snapchatters. We’re excited about the potential to share exclusive, experimental, and pre-release features with our subscribers, and learn more about how we can best serve our community,” said spokesperson Liz Markman in an interview with The Verge.
Among the potential features of the premium service, according to app researcher Alessandro Paluzzi, includes capability to designate a “#1 BFF”, change the app icon, display a badge on your profile, and see how many have rewatched one’s snaps.
Monthly rates are expected to land at €4.59, up to a discounted €45.99 for an annual payment.
The effort comes on the heels of the company’s announcement that it is likely to hit the revenue and adjusted EBITDA “below the low end of [its] Q2 2022 guidance range.” This grim outlook sent the shares falling 34.36%.
Snap last traded at US$12.42 on the NYSE.
Information for this briefing was found via The Verge and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.