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Snap Attracts 3 Million Paying Users to AI chat Service

Snapchat Shares Jump On Strong Earnings Report!

Snap Inc. has attracted more than 3 million users to its Snapchat+ subscription service, a $3.99-a-month offering that provides early access to features like its new artificial intelligence chatbot.

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Bloomberg News on SNAP 

The growth has exceeded the company’s expectations and includes the addition of about a million paying users in the past 11 weeks, Snap said Wednesday at its annual partner summit, held in its hometown of Santa Monica, California. The service launched last year but got a boost in February when the company added exclusive access to a chatbot, called My AI, that’s powered by OpenAI’s GPT technology.

“We never expected that we could grow to 3 million subscribers,” Snap Chief Executive Officer Evan Spiegel said in an interview. “What we essentially see is that when we release new features, that gets more people excited about signing up or trying Snapchat+. We definitely saw some nice momentum with My AI.”

The numbers suggest Snap is making headway in a challenging area for social media companies: getting users to pay. At Twitter, owner Elon Musk has struggled to attract subscribers to the company’s Blue service. Meta Platforms Inc., meanwhile, began testing a subscription bundle on Instagram and Facebook in February and has yet to disclose paid user figures.

Image: Snap