Snapchat rolls out a new $8.99 Lens+ subscription tier

Core Insights - Snapchat has launched a new subscription tier called "Lens+" priced at $8.99 per month, focusing on exclusive Lenses and AR experiences for users [1][4] - The new tier builds on the existing Snapchat+ service, which costs $3.99 per month, and provides access to hundreds of Lenses for creating and sharing Snaps [1][2] - Snapchat plans to introduce monetization options for select Lens creators, allowing them to earn revenue from exclusive Lenses, although details on revenue sharing have not been disclosed [3] Financial Performance - In Q1, Snap reported revenue of $1.36 billion, reflecting a 14% year-over-year increase, attributed to the growth of the Snapchat+ subscription service and advancements in advertising solutions [4] - The introduction of the Lens+ tier is part of Snap's strategy to further increase revenue by placing advanced Lenses and AR experiences behind a paywall [4] Subscription Services - Snapchat also offers a higher-tier subscription, Platinum Snapchat+, at $14.99 per month, which removes ads and includes all features from the standard Snapchat+ and Lens+ tiers [5] - Snapchat+ has over 14 million paid subscribers, indicating strong demand for its subscription services [3]