Snap(US:SNAP) Xin Lang Cai Jing·2026-02-18 16:48Core Insights - Snap's direct revenue business has reached an annualized run rate of $1 billion, driven by the growth of the Snapchat+ subscription service [1][4] - The company is actively seeking new revenue sources beyond advertising, with a total of over 25 million subscription users [1][4] - Snap is facing competition from strong platforms like TikTok and Meta's Instagram, prompting a shift towards subscription user growth to boost revenue [1][4] Subscription Services - Snapchat+ was launched in 2022, offering various customized features to enhance user engagement and retention [2][5] - The new subscription feature will allow creators to earn ongoing income directly from loyal fans, set to be tested on February 23 for a small group of Snapchat creators in the U.S. [1][4] User Engagement and Advertising - The total number of active advertisers on the platform grew by 28% year-over-year in the fourth quarter [3][6] - Snapchat's daily active users increased by 5% to 474 million, although there was a decrease of 3 million users compared to the previous quarter [3][6] Strategic Developments - Snap has established a new subsidiary, Specs, focused on operating augmented reality smart glasses, aiming to compete in the rapidly growing wearable device market against Meta [3][7]