Snapchat surpasses 30 million paid subscribers, TechCrunch reports, as shares slide 12%

Paid subscriptions reach milestone

Snap announced Wednesday that its paid subscriber base had passed 30 million. That is 5 million more than the 25 million mark it reported in February. Snap CEO Evan Spiegel said the total spans Snapchat+, Memories Storage and Lens+. He said AI-powered features helped Lens+ exceed expectations, and described broader adoption and new premium experiences as room for growth.

Plans offer added features

Launched in 2022, Snapchat+ costs $3.99 per month and offers exclusive and pre-release features. Snap later added paid options beyond the core subscription. Lens+ costs $8.99 per month and includes exclusive Lenses and AR experiences. Snapchat+ Platinum costs $15.99 monthly and offers an ad-free experience.

Memories storage sparked debate

Spiegel said paid subscribers remain a small portion of the company’s monthly community. He pointed to premium experiences as a way to broaden uptake.

Earnings miss weighs on shares

Snap shares fell 12% after the company missed estimates for advertising revenue and user growth. Snap reported 495 million daily active users in the quarter, compared with 493 million in the prior quarter and analysts’ expectation of 499 million.

Spiegel said advertising revenue growth remains below the company’s target. He said Snap plans to improve advertiser performance and expand how businesses can reach users. In its investor letter, Snap said it does not intend to prioritize daily use at the expense of long-term value. It said a longer-term view better reflects product and safety decisions intended to support lasting utility and broader audience growth.