Snap on Wednesday launched the paid version of its widely used social media service in India, bringing its exclusive and experimental features to the South Asian nation for just 62 cents a month as it aims to grow its customer base by trying to earn more than 100 million in revenue. to generate users.
The launch of the subscription offering, priced in India at 49 Indian rupees, follows the launch of the $4 subscription offering in the US, UK and Canada in late June, among a few other key markets.
After lagging behind for several years in India, the largest user market ahead of Google and Facebook, Snapchat has grown phenomenally in the South Asian market over the past two years. According to market research firm SensorTower, the app had more than 105 million monthly active users in India last month, up from about 25 million two years ago. (An industry executive shared the data with londonbusinessblog.com.)
“India is an important market for Snap and investments in localizing the app experience have been key to our growth in the region,” said Lakshya Malu, Interim – Market Development Lead, Snap, in a statement.
A subscription to Snapchat+ gives users access to about half a dozen additional features, such as the ability to pin a person to their profile as their best friend, change the app icon, and a rewatch indicator that helps determine how many people review stories. Snapchat+ also allows customers to follow Ghost Trails on Snap Map to follow friends’ common directions, if they’ve agreed to share their location.
In just over a month since Snapchat+ launched in many markets, the offering has helped the company increase its revenue by more than $5 million, according to Sensor Tower.
Snap joins numerous companies, including Apple, Spotify, Netflix and Google, who have launched their premium offerings in India at a fraction of the global price. While India is an important overseas region for technology and entertainment giants, few choose to pay for services in the world’s second largest internet market.
For Snap, success in India can be crucial. The company, which serves 347 million users worldwide, released disappointing second-quarter results last month and said it plans to slow hiring.