The Snapchat+ subscription service has got some new items added to it, but the company has also shared new insight into Snapchat+ take-up, which provides some more perspective on the potential of such options in the broader strategic scheme.
Snapchat +, the company introduced last month in late June, lets Snap users pay $3.99 monthly for a bevy of add-ons, which include variable application icons, new data insights, and the ability to pin a user in the app as 'your #1 best friend'.
And now, Snap is said to enhance the Snapchat+ experience by providing subscribers with access to :
'Priority Story Replies', which makes your replies more visible to Snap Stars.
'Post View Emoji', through which you can pick a dedicated emoji that you want friends to see after they view your Snaps
Well, none of these are groundbreaking additions to the existing set. But even so, Snapchat+ is obviously an appealing add-on. And Snapchat supposedly has more than one million paying subscribers that have signed on for the option.
That's another $4 million per month straight into Snapchat's bank account – so if not a dazzling, great value bundle to the average user of the app, the numbers do show that at even low take-up rates, 1 million subscribers represents 0.29% of Snapchat's active users, these options can be high revenue generators for apps themselves.
If they get them right.
But these new features alone now give Snapchat+ subscribers access to 11 exclusive in-app features-that bests Twitter Blue's 9 exclusive elements. Not that it's a competition, because most of the people who are likely to pay for Snapchat+ are not going to be in the target market for Blue as well. But yet, the two subscription elements provide an interesting parallel as to how such offerings might work-and indeed, if they even do work in the broad scheme of things.
In fact, of interest, the last strategic differences for each: Twitter jacked up the price of Twitter Blue to a 60% increase sans new features, and Snapchat launched Snapchat+, only in India at an 85% discount from normal price.
Which strategy will prove to be the best?
And you may think it's bumping the price of Blue ahead of the introduction of tweet editing, which seems within launch and which it probably expects to attract a heap more paying subscribers, given that it's the most requested social media feature in history.
Whereas Snapchat is playing the volume game and making its app stickier in the Indian market, which may help it expand usage in what is now its largest single biggest market at 144 million Indian users.
That, down the road, might help Snap build firmer market footing, and provide it with much more users to whom to sell ads, or to pitch its own wares, such as its Pixy drone camera or its future AR glasses.
But when precisely those glasses might be arriving is further off than expected, given Snap's recent cost-cutting measures in the wake of the larger contraction in the digital ads market.
But what if Snap, which now boasts an enormous and growing Indian presence, teamed with Apple on its AR glasses, as a way for both to look to maximize take-up, and then dominate the space? Meta is also looking to become the AR leader, as part of another strand within its broader metaverse play, though this is mostly about VR - and constructing fully immersive digital worlds.
That could open the door to Snap winning out, with the cool factor of Snap combined with the technology of Apple building a more fashionable and appealing AR wearable product.
There's nothing to suggest that such a partnership is on the cards as yet - though Snap has worked with Apple on various AR projects and elements in the past.
With this in mind, building an audience may prove to be an important step, which is why Snapchat's approach to Snapchat+ might just be the better way to do it, versus Twitter's thus far stumbling Twitter Blue strategy.
Snapchat says it will "continue to drop more features" for Snapchat+ over the coming months.