Snapchat’s premium subscription shows no signs of slowing as it comes off its best month ever for in-app revenue, according to new data. As it turns out, many of Snapchat’s younger users are willing to pay for its privileges Snapchat+which offers tools to improve stories, pin a best friend, change the app icon, as well as get early access to new features, including new AI features and much more. In November, the subscription offering surpassed $20 million in net revenue (after app store fees) for the first time, while subscription revenue grew by double digits in nearly every country where Snapchat+ is present.
This puts Snapchat+ well ahead of X Premium, the subscription product formerly known as Twitter Blue. In November, X posted its highest month of in-app purchase revenue to date with $6.2 million in consumer spending, but that was still less than a third of what Snapchat+ brings in.
Image Credits: Apptopia
These findings, which come from the application information provider Apptopia, follow Snap’s announcement in September that its subscription offering had reached a milestone of more than 5 million subscribers. That was up from 4 million in late June and 3 million in mid-April. Demand for the product had shown no signs of slowing down, especially as the company introduced more early access features, including Snap’s latest AI products, such as the subscriber-first My AI chatbot and developed access to an AI-powered selfie feature called Dreams; The My AI chatbot has been used to send more than 20 billion messages, Snap announced during its third-quarter earnings call.
As a result, Snapchat+ continues to add subscribers for its subscription that is over a year old. It notes that Apptopia, the subscription generated a total of more than $31 million in consumer spending before app store commissions and was up 23.4% month-over-month, compared to October. While this was not the largest monthly increase ever as a percentage, it was the second largest in terms of absolute revenue growth.
The top markets driving subscription consumer spending include the US, UK, France, Australia and Canada. US net income led the month of November, rising from $1.3 million to $1.8 million. It was followed by the United Kingdom ($1.6 million net), France ($1.2 million net), Australia ($1 million net) and Canada ($960,000 net). Or, more simply, the top 4 countries generated $1 million in revenue each for Snapchat+ subscription.
What’s more, the subscription is finding traction in unexpected areas, Apptopia found. For example, Saudi Arabia is the No. 7 market based on consumer spending — which is not common.
Furthermore, this data doesn’t even give the full picture for Snapchat+, as the company has enabled US users to pay for a Snapchat+ subscription via gift cards sold on Amazon. Because these purchases are made outside of the app stores, a third party like Apptopia would not be able to track this spending. This means Snapchat+ revenue could be even higher than the company estimates.
