The Snapchat+ subscription has reached its first critical moment in its short life – renewal time.
The first honeymoon is over and now it’s time to see if those who signed up are willing to renew their paid services.
And the verdict… No!
Snapchat+ subscription revenue, which was launched in early July, grew rapidly, peaking at $634,000 in net revenue in a single day on the App Store. According to AppFigures, in the first month, the messenger earned almost $7 million in net profit from it.
The first day of the second billing cycle for early subscribers was scheduled to take place on August 7th, which gives us an idea of how many people are still excited about Snapchat+.
Snapchat+ is a premium Snapchat subscription that gives users access to beta features as well as some profile settings. In other words, nothing but boasting.
Snapchat’s Plus revenue in the second month was about half what it was in the first month. In more absolute terms, a peak that topped $600K in July barely hit $300K in August. And that’s pure income.
The month isn’t close to ending yet, but looking at July’s trend, revenue is dropping quite quickly after this peak, so it’s unlikely the rest of August will make up the difference.
However, this is not bad news for Snapchat at all. The first month of something new and seemingly exciting, but not that expensive, is likely to generate interest among those who do not expect to keep a subscription for a long time and are simply curious.
Throw in political instability, a weird job market, and the phrase “recession” floating around, and luxuries like participating in Snap’s paid beta are no longer a top spending priority.
In addition, about half of the original group still remained on a paid subscription, which is nice, important and generally in line with the market average. The question is whether Snap will survive with this approach or rethink its strategy.
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