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Snap launches paid version of Snapchat app

FILE PHOTO: A woman stands in front of the logo of Snap Inc on the floor of the New York Stock Exchange (NYSE) in New York City

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(Reuters) -Snap Inc on Wednesday launched a paid version of the Snapchat app in the U.S., priced at $3.99 a month, and a few other markets, in a major step away from a revenue model dependent mostly on advertising.

Snap, which had teased the subscription version, Snapchat+, earlier this month, said it would be available in Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia and the United Arab Emirates at launch. (https://reut.rs/3nskBOM)

Social media firms are under pressure as companies cut back on ad budgets in response to rising costs and weakening consumer spending.

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Last month, Snap said it would miss revenue and profit targets for the second quarter and would have to slow hiring and lower spending, sending its shares down over 40% in a single day.

Initial features in the paid version include the ability to change the app's icon, see who re-watched a story and pin other users on chat history as a "BFF", Snap's senior vice president of product, Jacob Andreou, told tech news site The Verge. (https://bit.ly/3ytXvh2)

(Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)