Snapchat adds 5 million paid subscribers since February

The subscriber jump

The paid subscriber count is up by 5 million since February, which matters to anyone who uses Snapchat and is weighing what to pay for. ^[1]

Snap reported the gain in the same period in which it reportedly missed advertising revenue and user-growth expectations. ^[1] Its shares fell 12% after the company missed ad revenue and user growth estimates. ^[2]

The tiers on offer

Snapchat+ launched in 2022 at $3.99 per month and gives subscribers exclusive and pre-release features. ^[1][2]

After that launch, Snap introduced additional paid tiers to further diversify its revenue streams. ^[2] Lens+ costs $8.99 per month and unlocks exclusive Lenses and augmented-reality experiences. ^[1][2]

Snapchat+ Platinum costs $15.99 per month and provides an ad-free experience. ^[1][2]

The Memories storage change

A year before the milestone, Snapchat announced a controversial limit on free Memories storage. ^[2] Snap said users would need to pay $1.99 per month for additional storage or subscribe to Snapchat+ to retain their Memories. ^[1][2]

What Snap says is driving demand

Snap CEO Evan Spiegel reportedly told investors that AI-powered features helped Lens+ exceed expectations. ^[1] Spiegel said innovative AI-powered features helped Lens+ exceed expectations and that new creative experiences can drive demand for paid products. ^[2]

He also said paid subscribers still represent a small share of Snap's monthly community, giving room to grow through broader adoption and new premium experiences. ^[2] Snap's own account matches this, since paid subscribers remain a small share of its monthly community. ^[1]

The user numbers

Snap reported 495 million daily active users for the quarter, up from 493 million. ^[2] That figure fell short of analysts' expectations of 499 million. ^[1][2]

Snap said it does not intend to optimize Snapchat around daily use at the expense of long-term value for its community. ^[2]