SANTA MONICA, Calif.—In a bid to create a new revenue stream, Snapchat has launched a new $3.99 a month subscription service Snapchat+.
The service has launched in the U.S., Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates, with more territories to follow, the company said.
The company’s stock has lost about one third of its value in the last six months, and the company has been under pressure to boost revenue, which is currently based on advertising.
The new service will include ads but offer subscribers “a collection of exclusive, experimental, and pre-release features available in Snapchat,” the company said. “This subscription will allow us to deliver new Snapchat features to some of the most passionate members of our community and allow us to provide prioritized support.”
The service is targeted to avid users and joins subscription services recently launched by Twitter and Telegraph.
Currently more than 332 million people worldwide use Snapchat every day, the company said.
