Snap (SNAP) says Snapchat+ now has 7 million users - Bloomberg

According to a report from Bloomberg on Wednesday, Snap (NYSE: SNAP) said it now has 7 million subscribers for its Snapchat+ offering.

Snapchat+, which provides users with early or exclusive access to features on its social media app, such as artificial intelligence tools, launched in July 2022.

The new figure represents an increase from the 5 million reported to have been using the service in September. Bloomberg said the social media company remarked that it is aiming for 10 million users in the medium term.

Snap charges $3.99 for the Snapchat+ service, with the move to introduce it seen as part of the company's plan to build new revenue opportunities at a time when growth in ad sales had slowed.

According to Bloomberg's calculations, with 7 million users, Snapchat+ would generate revenue of more than $330 million a year.

By Sam Boughedda

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