Photo courtesy of Snapchat

Snapchat on Wednesday confirmed it's debuting a new subscription product called Snapchat+, "a collection of exclusive, experimental, and pre-release features" for $3.99 monthly.

Why it matters: Snapchat is using the feature as a way to test new products with a dedicated group of its most loyal fans, instead of on a country-by-country basis.

• The new subscription will also expand Snapchat's business, which is mostly dependent on advertising revenue.
• While the product isn't expected to meaningfully expand Snapchat's business in the near term, per The Verge, it does allow the company to experiment.

The big picture: Amid privacy changes and a macro-economic slowdown, several tech companies have also begun to experiment with subscriptions, including Meta, Twitter and TikTok.

Details: The new subscription product will be available to all Snapchat users, accessible from their mobile apps.

• The company is starting with a set of six new features that allow Snapchat users to customize their experience. Those include a new tool called "Ghost Trails" which allows users to launch more conversations with friends on Snapchat's map feature.
• Other exclusive features include a "Rewatch Indicator," which provides more information on how many friends are interested in a user's Snapchat Stories, strings, videos and photos, and the ability for users to pin a best friend.
• Snapchat+ will be available at launch in the United States, Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates, Snap Inc. said in a statement.

What's next: The company plans to expand the product more countries over time.

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