Snap unveils paid subscription app called Snapchat+

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Snap on Wednesday launched a paid version of the Snapchat app, priced at $3.99 a month in the US and a few other markets, a big step up from a revenue model that relies mostly on advertising.

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Snap, which earlier this month teased the subscription version, Snapchat+, said it would be available at launch in Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates.

Social media firms are under pressure as companies cut advertising budgets in response to rising costs and weak consumer spending.

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Last month, Snap said it would miss its revenue and profit targets for the second quarter and would have to hire and spend less, sending its shares down more than 40% in a single day.

Initial features in the paid version include the ability to change the app’s icon, see who re-watched the story and pin other users as “BFFs” on the chat history, said Jacob, Snap’s senior vice president of product. Andreu told the tech news site. ledge,

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