Snapchat+, Snap's now year-old in-app revenue stream, has hit its highest month of revenue in August, up more than 12% month over month and up 250% since rolling out last July.
Not sure what Snapchat sells in its app? Snapchat+ started as early access to features and over the last few months matured into an offering resembling Twitter Blue/X Premium. There's a badge, better insight into stories, and a few other features.
That's a smart move by Snap!
Interestingly enough, Snapchat+ is earning Snap much more than X Premium is earning X.
Snapchat Plus earned $17.9M in August from the App Store and Google Play, according to our estimates. And that's net, which means what Snap gets to keep after Apple and Google take their share.
That's Snapchat's biggest month of revenue to date, and marks a 12% increase from July, which was also bigger than June, which was also bigger than May. I can keep going, but that'd be a lot of writing.
Snapchat+ is on a great trajectory for growth, far outpacing all other platforms that are doing the same. The addition of a badge, something Plus didn't start out with, is really helping with growth.
Social platforms monetizing users directly was an experiment last year but as the numbers grow it's proving to be a much more serious revenue stream. It's still not getting close to ads, but it won't take long for the two to be closer.
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