Snap's shares fell 25 per cent last month after disappointing second quarter earnings, as it suffered from weaker advertising demand than Wall Street had expected. Chief Executive Evan Spiegel said the company would work to speed up revenue growth, in part through new sources of revenue.
Snapchat, which costs $3.99 per month in the United States, gives access to 11 exclusive features that are not yet available to general users. Twitter launched a $4.99 per month subscription product called Twitter Blue, which is in a legal battle with billionaire Elon Musk over his attempt to walk away from his $44 billion deal to buy the company.