Snapchat Reaches One Billion in Subscription Revenue

Snap CEO @evanspiegel says they just hit $1 billion ARR from subscriptions and now have as many paying users as ESPN: "It's really exciting for us as we work to diversify our revenue and create this whole new business line." "People are really passionate about Snapchat and they want all these new features." "In the past, we would say, 'This is really a feature for power users, we can't build this for a billion people.'" "This gave us the justification and the resources to say, 'Okay fine, pay us $2/month and have your Bitmoji pets and chat backgrounds.'" "It's great for the team because otherwise, we never would have prioritized all these really fun features."