Within the first six weeks of its inception, Snap (NYSE:SNAP) reports that its Snapchat+ service has attracted 1 million paying customers.
This announcement is part of a more significant drop in new features for paying service members, which was recently introduced for $3.99 a month to provide users with access to the beta and experimental features.
Snap (NYSE:SNAP) stock is up 3.1% early Monday, making it one of the top gainers in the Communication Services sector.
Four New Features Are Available Today
With Priority Story Replies, subscribers’ replies will be shown to “Snap Stars” before anyone else’s; with “Post View Emoji,” subscribers can choose an emoji image that friends will see after viewing posts; with exclusive Bitmoji backgrounds, subscribers can add more flair to their background images; and with custom app icons, users can change the Snapchat icon on their home screen.
Remarks From Snapchat’s Upper Management
According to corporate statistics, as of August 8th, “it has been little over six weeks since we launched Snapchat+ and we are delighted to reveal there are over 1 million paying customers.”
Last Two Weeks’ Performance
Stocks in the communications industry rose for a second consecutive week as the market surged higher and all industries saw gains, helping a handful of corporations whose quarterly earnings reports showed improvement.
Late-week strength and a Friday bounce contributed to a 3.3% increase in the S&P 500 for the week. Stocks in the Communication Services sector gained 3.6% last week and in all 11 of the index’s main sectors. A 4.3% increase was seen in the Communication Services Select Sector SPDR Fund (XLC).
Most of the Communication stocks that rose last week added to their monthly gains. Snap (NYSE:SNAP), meanwhile, was an exception, rising 14.2% in a comeback move after having fallen 16.7% during the previous month and 70.7% from its six-month high.
Snapchat Introduced Parental Control
Last Tuesday, Snap (NYSE:SNAP) announced parental controls for its Snapchat messaging program.
Parents can see who their adolescent children are chatting with thanks to the parental restrictions, but they can’t see what they’re saying to one other. Reuters stated that the parental control, called Family Center, allows parents to invite their adolescents to the feature, and after their teenager accepts, the parents may examine their child’s buddy list and see who they have been chatting with over the last week.
The news organization also said parents who discover anything suspicious may email a private complaint.
Snap (NYSE:SNAP) released a July video detailing the planned Family Center operation.
Notifications to parents when a kid claims abuse are among the upcoming features.
Featured Image: Megapixl @Georgejmclittle
Author Shariq Khan 
