![]() The company’s challenge now is figuring out how to successfully monetize those users to turn around a streak of disappointing financial results. As of the end of June, it reported 397 million daily active users - more than X, the platform formerly known as Twitter. That subscriber number is just a fraction of its overall user base of Snapchat, which has quietly become one of the world’s fastest-growing social platforms. At 5 million subscribers paying $3.99 per month, Snapchat+ is set to earn around $239 million in annual revenue. The service’s success in just 15 months after launching proved that despite Snapchat’s reputation as an app used mainly by teens, users are willing to cough up money for a premium experience on the platform. The milestone marked the halfway point to the 10 million subscriber number that CEO Evan Spiegel had just months earlier identified as a “medium-term” goal. When Snapchat announced last month that it had reached 5 million paying subscribers for its Snapchat+ service, it seemed like a stunning achievement. ![]()
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