Snap reaches 1 million premium subscribers in bid for new revenue

Snap Inc, parent company of social media app Snapchat, has reached 1 million subscribers for its Snapchat+ premium subscription, the company said on Monday, after launching the service in June as a new source of revenue.

Social media companies including Snap, Twitter Inc and Meta Platforms Inc, which all earn the majority of revenue from selling digital advertising, are facing a weakening ad market due to record-high inflation causing brands to reign in their marketing spending.