"Snap is introducing a subscription feature that will allow creators to earn recurring income directly from their most engaged fans, as the social media company works to diversify beyond advertising. The Los Angeles company will begin testing "Creator Subscriptions," as the feature is called, on Monday, starting with a small cohort of Snapchat creators, the company told CNBC exclusively. With user growth moderating, Snap's expansion into paid creator subscriptions emphasizes the company's initiative to grow income beyond advertising and build more predictable revenue streams."
""In the year ahead, growth in subscribers will be a critical input metric to track our progress," Snap CEO Evan Spiegel wrote earlier this month as part of the company's fourth-quarter results. Snap's existing subscription offerings, Snapchat+ and Memories Storage Plans, grew 71% year over year to reach 24 million users in the period. However, the company reported 474 million daily active users, down 3 million from the previous quarter."
"With the upcoming feature, Snapchat users will be able to pay to subscribe to their favorite creators and receive exclusive content, including direct photos or videos, as well as access a subscriber-only Story and send text-based replies that can be featured at the top of a creator's public Story. "We want the next step in our long-term creator monetization journey to be one that's really rooted in real relationships,""
Snap is beginning tests of Creator Subscriptions, a feature that lets users pay creators for recurring access to exclusive content and direct photos or videos. The test will start with a small cohort of Snapchat creators as the company seeks revenue beyond advertising and more predictable income streams. Existing subscriptions, Snapchat+ and Memories Storage Plans, grew 71% year over year to 24 million users. Daily active users were 474 million, down 3 million from the prior quarter. Snap leadership said subscriber growth will be a critical metric and framed the feature as deepening real relationships and predictable creator earnings.
Read at www.cnbc.com
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