The social media industry is currently having one of its busiest years in recent memory. ByteDance's TikTok is still leading the short-form video space, though Meta Platforms' Instagram is quickly catching up. Plus, investors are watching Twitter struggle under its new owner, Elon Musk, while Meta's Mark Zuckerberg just swooped in with a competing platform called Threads. 

Meanwhile, Snapchat parent Snap Inc (NYSE: SNAP) has been working on several innovations of its own. The economic climate has been difficult to navigate over the last 12 months, and businesses have reduced their advertising budgets, directly impacting social media platforms reliant on ads to generate revenue.

Not only is Snap working on new tools to entice those advertisers, but it's also having success with its direct-to-consumer subscription product Snapchat+. It just celebrated its first anniversary and marked the occasion by crossing a very positive milestone. 

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Source Fool.com