Snap Inc has reached one million subscribers for its Snapchat+ premium subscription service, the company announced on Monday.
Snapchat+ was launched as a new source of revenue for the company in June.
Snap and its rivals earn the majority of their revenue through digital advertising. However a disappointing outlook for the ad market after record levels of inflation have forced social media brands to calm their marketing spend.
The company’s shares have fallen 25% over the course of the last few weeks after disappointing second quarter earnings.
READ MORE: Snap, AR and shopping lenses: Amber Sayer on how the mainstream has changed
Chief Executive Evan Spiegel said Snap would work to speed up revenue growth, in part through new sources of revenue.
Currently, Snapchat+ costs $3.99 per month in the US and offers access to 11 exclusive features that are not yet available to general users.
On Monday, four new features were announced which include new Snapchat app icon designs and the ability for subscribers to have their messages be more visible to celebrities on Snapchat. Subscribers can also use Snapchat on desktops through the new web app.
The feature is now being rolled out to more countries including Saudi Arabia, India and Egypt, for a total of 25 markets, the company said.
