Snap’s direct revenue hits $1 billion annualised run rate as subscribers top 25 million

Snap said on Wednesday its direct-revenue business has reached $1 billion in annualised revenue run rate, driven by growth in its Snapchat+ subscription service, as the social media company pushes into new income streams beyond advertising.

The company, whose direct-revenue portfolio spans Snapchat+, the Memories photo and video archive ‌tool and ⁠in-app ⁠purchases, said its total subscriber count has surpassed 25 million.