Snap reaches 1 million premium subscribers in bid for new revenue

FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson/File Photo

(Reuters) - Snap Inc, parent company of social media app Snapchat, has reached 1 million subscribers for its Snapchat+ premium subscription, the company said on Monday, after launching the service in June as a new source of revenue.

Social media companies including Snap, Twitter Inc and Meta Platforms Inc , which all earn the majority of revenue from selling digital advertising, are facing a weakening ad market due to record-high inflation causing brands to reign in their marketing spending.