Media & Advertising Snapchat paid version launches in Saudi Arabia, UAE By Reuters June 30, 2022, 5:24 AM Creative Commons Social media firms are under pressure as companies cut back on ad budgets in response to rising costs and weakening consumer spending Snap Inc on Wednesday launched a paid version of the Snapchat app in the US, priced at $3.99 a month, and a few other markets, in a major step away from a revenue model dependent mostly on advertising. Snap, which had teased the subscription version, Snapchat+, earlier this month, said it would be available in Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates at launch. Social media firms are under pressure as companies cut back on ad budgets in response to rising costs and weakening consumer spending. Last month, Snap said it would miss revenue and profit targets for the second quarter and would have to slow hiring and lower spending, sending its shares down over 40 percent in a single day. Initial features in the paid version include the ability to change the app’s icon, see who re-watched a story and pin other users on chat history as a “BFF”, Snap’s senior vice president of product, Jacob Andreou, told tech news site The Verge. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
