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00:02Snap is introducing creator subscriptions to allow creators to earn recurring income
00:06directly from fans as the company works to diversify beyond advertising, according to
00:11CNBC. The feature will allow Snapchat users to pay for subscriptions to creators in exchange for
00:17exclusive content, subscriber-only stories, and prioritized text replies featured on public
00:22stories. The Los Angeles company will begin testing the feature Monday, with 15 creators
00:27and plans to add about 10 more in the U.S. during the early phase, with outreach underway
00:32in Canada, the U.K., and France. Creators can set monthly prices between $4.99 and $19.99
00:40and will receive about 60 percent of revenue after platform fees. Snap said its existing
00:46Snapchat Plus and Memory Storage Plan subscriptions grew 71 percent year-over-year to 24 million
00:51users, while daily active users declined to 474 million from the prior quarter.
00:57For all things money, visit Benzinga.com.
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