Snap is testing a new Snapchat+ subscription service

This July 30, 2019, file photo shows an introduction page for Snapchat shown in a mobile phone displayed at Apple's App Store in Chicago. (AP Photo/Amr Alfiky, File)

Social media company Snap may be jumping on the paid subscription service bandwagon with a new offering called Snapchat+.

Rumors swirled on Twitter Thursday about a subscription service for the disappearing-photo app that would cost users around US$5 a month and allow them to do things like pin a "best friend" at the top of their messaging page. Snap spokesperson Liz Markman confirmed to CNN Business that the company has started early internal testing of the service, but declined to comment on the rumored features, pricing or a timeline for a potential public launch.

"We're excited about the potential to share exclusive, experimental, and pre-release features with our subscribers, and learn more about how we can best serve our community," Markman said in a statement.

The news comes as Snap attempts to kickstart its business following a bruising few months for the company, as well as the broader tech sector.

Since September, Snap's stock has plunged more than 85 per cent from an all-time high above US$83 to just over US$12 as of midday Friday. During the first three months of this year, Snap posted a net loss of about US$360 million. Last month, Snap warned investors that its revenue and profits for the current quarter would be lower than it had initially expected, and CEO Evan Spiegel warned in an internal memo that the company would slow hiring, according to reports from Bloomberg and the New York Times.