Snapchat Adding a new way for content creators to make money. In an effort to compete with TikTok, Snapchat announced a new incentive program aimed at incentivizing users to produce and share content on its social network. Spotlight Challenges.
The Verge reported that this new feature will reward certain creators each week for creating a video using a specific lens, performing certain activities, or playing a chosen sound inside the app’s TikTok competitor Spotlight.
The challenges present a new way for Snapchat to encourage users to create videos for Spotlight — and it does so in a way that gives the company a lot of control. It may promote certain trends or attempt to encourage different types of content than people usually do. This can help as it tries to separate Spotlight from TikTok and give people a reason to keep coming back to discover something new.
A Snapchat spokesperson told The Verge, “This is also a potential revenue opportunity. Challenges will not be sponsored at launch, but Snapchat may offer sponsored ones in the future.”
Initially, Spotlight Challenges will roll out to Snapchatters 16+ in the United States next month, but more markets will be added to the roster in the coming months. These payments will be in addition to the millions of dollars a month the company pays to creators who create the top Spotlight videos globally. Snap was paying $1 million per day at launch, but later reduced the amount to the less-typical “millions a month.”
It looks like the payments are working out at least a few months back. In July, Snapchat said daily use of Spotlight grew 49 percent quarter over quarter. Time spent per day also accounted for more than 60 percent in the US – although in both cases, it did not share actual figures.
payment:
According to Snapchat, approximately three to five creators will be awarded cash for each challenge, with the winners being chosen from the most viewed-worthy videos. The payout will be divided among the winners by the prize pool which “usually ranges from $1,000 to $25,000 (Rs 74,724 to Rs 18,68,107), with the minimum payout being $250 (Rs 18,681). There will be many challenges every week.
Eligibility:
In the case of each challenge, the top 50 eligible, relevant and highest viewed submissions will be judged on various criteria such as creativity, originality, innovative use of Snap creative tools, unique POV and entertainment value.
How to participate:
Those who wish to participate will have to go to the trending page and select the challenge they wish to participate in to see the page for that specific challenge. Simply select “Challenge Details”, then tap the camera icon to open the Snapchat camera, choose to create, and then submit.
Other Revenue Streams:
In addition to the challenges, Snapchat is also adding a few other ways for creators to get paid. Gift giving now operates globally, allowing viewers to tip creators with digital tokens, giving them a cut in revenue.
Snapchat is also expanding its creator marketplace to include video creators, allowing businesses to connect with them for sponsorships. Access to these features is limited, however, so only approved “Snapchat Stars” are eligible to be gifted and marketers and creators invited by Snapchat to participate in that event.
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