Hajra Naz
Snap has officially surpassed 30 million paid subscribers. The company announced the milestone on Wednesday. The news came as part of its third-quarter earnings release. The figure marks an increase of 5 million subscribers since February. At that time, Snap reported crossing the 25 million subscriber mark.
Snapchat+ originally launched in 2022. The service gives subscribers access to exclusive and pre-release features. It costs $3.99 per month. Following a successful launch, Snap introduced additional paid tiers. These tiers expand beyond the core Snapchat+ subscription. The goal is to further diversify the company’s revenue streams.
One new tier is Lens+. It costs $8.99 per month. It unlocks exclusive lenses and augmented reality experiences. Another option is Snapchat+ Platinum. This premium tier costs $15.99 monthly. It provides users with a completely ad-free experience.
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The new milestone comes one year after a controversial update. Snapchat announced a limit on free storage for its popular Memories feature. The company informed users of a new requirement. They would need to pay $1.99 per month for extra storage. Alternatively, users could subscribe to Snapchat+ to retain their stored Memories.
“We surpassed 30 million paid subscribers across Snapchat+, Memories Storage, and Lens+,” Snap CEO Evan Spiegel wrote in a letter to investors. “Innovative AI-powered features have helped Lens+ exceed our expectations, demonstrating how new creative experiences can drive demand for our paid products. Paid subscribers still represent a small share of our monthly community, giving us room to grow through broader adoption and new premium experiences.”
Despite subscriber growth, the overall earnings report sparked a negative market reaction. Snap shares fell 12% following the release. The drop occurred after the company missed ad revenue and user growth estimates.
Snap reported 495 million daily active users for the quarter. This is up slightly from 493 million in the previous quarter. However, the figure fell short of Wall Street estimates. Analysts were expecting 499 million daily active users.
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“Daily engagement has historically been stable as a percentage of monthly engagement, but we do not intend to optimize Snapchat around daily use at the expense of long-term value for our community,” the investor letter stated. “A longer-term horizon better aligns our reported metrics with the product and safety decisions that strengthen relationships, create lasting utility, and support broader, more durable audience growth.”
Spiegel addressed advertising performance directly in the letter. He noted that advertising revenue growth remains below the company’s target. Moving forward, Snap plans to focus on advertiser performance. The company aims to expand the ways businesses can reach its audience.
