Snapchat's direct revenue has reached a $1 billion annualized revenue run rate, driven by its Snapchat+ subscription service, which has surpassed 25 million subscribers, the company announced on Wednesday. The social media giant's milestone highlights the growing popularity of paid features on social platforms, even as other platforms are making moves in different directions, such as X's continued focus on video and Audible's new features for readers.
Launched in 2022, Snapchat+ offers subscribers exclusive and pre-release features for $3.99 per month. According to a company blog post, Snapchat has become one of the fastest-growing consumer subscription services globally, with subscriber growth every quarter. Following its successful launch, Snap introduced additional paid tiers to diversify its revenue streams.
Meanwhile, X (formerly Twitter) recently introduced a new immersive video player, signaling its ongoing push into video-focused experiences. The update, currently rolling out to iOS, allows users to expand videos to full screen with a single tap and swipe up to scroll to the next video, reminiscent of TikTok's format. Nikita Bier, X's head of product, admitted the previous video player "badly needed a refresh."
In the realm of reading, Amazon-owned Audible launched a new "Read & Listen" feature that brings ebooks together with audiobooks. The feature allows readers who have both the ebook and audiobook versions of a title to read the ebook text while the audio plays, with the text highlighted in real-time in sync with the narration. This move comes shortly after Spotify announced its foray into physical book sales, including an audiobook feature.
In other news, Reddit is experiencing a surge in popularity, with users seeking human connection amidst the rise of AI. Ines Tan, who works in communications, regularly uses Reddit for advice and reactions to shows, stating, "It's a very empathetic place." She added that she has found help "emotionally, logistically and inspiration-wise" for her wedding planning.
Finally, in Syria, efforts are underway to erase the cult of personality surrounding the al-Assad family after the fall of the regime. Syrians began removing images of Bashar al-Assad and his name from public buildings after opposition forces captured Damascus on December 8, 2024, ending more than 50 years of dynastic rule.
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