Snapchat+ tops 25M subscribers, driving company’s direct revenue ARR to $1B

Snap Inc. has announced that its direct revenue business has reached an impressive annualized revenue run rate of $1 billion. This significant milestone is largely attributed to the success of its Snapchat+ subscription service, which now boasts over 25 million subscribers. Launched in 2022, Snapchat+ offers users exclusive access to early features for a monthly fee of $3.99. Following its successful introduction, Snap has expanded its offerings by adding additional paid tiers, enhancing its revenue model. The company highlighted in a recent blog post that Snapchat+ has emerged as one of the fastest-growing subscription services worldwide, consistently seeing quarterly growth in its subscriber base. Originally designed as an early-access program for the platform's most engaged users, Snapchat+ has quickly evolved into a significant revenue source, complementing Snap's advertising business. In June, the company unveiled Lens+, a premium tier that provides access to exclusive augmented reality lenses and experiences for $8.99 per month. Additionally, in early 2025, Snap introduced a high-tier ad-free subscription called Platinum, priced at $15.99 monthly. In a notable move last September, Snap announced a shift in its storage policy, capping free storage for the Memories feature and introducing a paid storage plan for $1.99 per month. Subscribers of Snapchat+ will enjoy up to 250GB of storage, while Platinum users will receive a substantial 5TB. Moreover, Snap has initiated the alpha launch of creator subscriptions, allowing select U.S. users to support content creators like Jeremiah Brown, Harry Jowsey, and Skai Jackson. Creators can set their own subscription prices, providing exclusive content and an ad-free experience for their subscribers. Looking ahead, Snap aims to further enhance Snapchat+ with a focus on customization and features driven by community input. The company has demonstrated a viable market for social media subscription services, a trend that has caught the attention of competitors like Meta, which recently announced plans to test new subscription options on its platforms including Instagram and Facebook.