Snapchat Reveals How Many People Pay for Its Subscription Service

From CNET: More than 1 million people worldwide are paying for Snapchat's subscription service, the social media company said Monday.

It's the first time Snapchat's parent company, Snap, has revealed how many people subscribe to Snapchat Plus, a subscription service the social media company launched six weeks ago, in late June. Snapchat Plus costs about $4 per month in the US and gives users early access to features the company is testing. The service is another example of how social media platforms are trying to make money outside of advertising as they try to keep their footing during an economic downturn.

Twitter has a similar monthly subscription offering, known as Twitter Blue, but the company hasn't revealed how many people pay for that product.

Snapchat has a bigger audience than Twitter, with 347 million daily active users. Twitter has 238 million "monetizable" daily users. Snapchat is also more popular among teens, a valuable market for advertisers. About 59% of US teens say they use Snapchat while 23% of teens say they use Twitter, according to a survey released by the Pew Research Center last week.

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