Snap Says Paid Products Top 30 Million Subscribers Across Three Services

Snap said Wednesday that subscriptions across Snapchat+, Memories Storage and Lens+ had passed 30 million, a milestone for the company’s paid business as advertising revenue growth remains below its target.

The combined total is up 5 million from February, when Snap passed 25 million paid subscribers. Snap CEO Evan Spiegel said AI-powered features helped Lens+ exceed expectations and that paid subscribers remain a small share of Snapchat’s monthly community.

Snapchat+ launched in 2022 for $3.99 a month, offering exclusive and early-access features. Lens+ costs $8.99 a month and includes exclusive Lenses and augmented-reality experiences. Snap also offers Snapchat+ Platinum for $15.99 a month, which removes ads. The company added paid tiers beyond Snapchat+ to diversify its revenue streams.

Memories Storage is also included in the 30 million total. About a year ago, Snap announced limits on free storage for Memories. Users would pay $1.99 a month for additional storage or subscribe to Snapchat+ to keep their Memories.

Snap had 495 million daily active users in the third quarter, up from 493 million in the previous quarter but below analysts’ estimate of 499 million. Its shares fell 12% after the company missed estimates for advertising revenue and user growth.

Spiegel said Snap plans to improve results for advertisers and expand the ways businesses can reach users, while advertising revenue growth remains below the company’s target.