Snapchat Tests New Subscription Service

Social media company %Snap ($SNAP) is testing a new paid subscription service called “Snapchat+.”

The subscription service for the popular photo sharing app will cost consumers $5 U.S. a month and allow them to do things such as pin a “best friend” at the top of their messaging page. Snap has not confirmed when the subscription service will launch publicly.

“We’re excited about the potential to share exclusive, experimental, and pre-release features with our subscribers, and learn more about how we can best serve our community,” Snap said in a written statement.

News of the subscription service comes as Snap attempts to improve its business following a difficult few months for the company and the broader technology sector.

Since September of last year, Snap’s stock has plunged more than 70% from an all-time high of $83.34 U.S. to $12.42 U.S. During this year’s first quarter, Snap posted a net loss of $360 million U.S., sending its share price lower.

Last month, Snap warned investors that its revenue and profits for the current second quarter would be lower than initially estimated, and chief executive Evan Spiegel warned in an internal memo that the company would slow hiring this year.

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