Snap Inc. Introduces a New Tool for its Snapchat App, Pays 1 Million Dollars to Creators for Videos

American multimedia messaging application developed by Snap Inc., which is originally called as ‘Snapchat’ is to bring forward a new tool for its Snapchat app to showcase popular videos and it will be called as “Spotlight”. The multimedia messaging app has, however, committed to pay out over $1 million per day to its Snapchat users or creators of the top-performing posts.

However, the new tab called “Spotlight’ within Snapchat where users can watch snaps submitted by other Snap-chatters and to earn money, video submitters to spotlight do not have to have large followers. Instead, an algorithm will decide what to show its Snapchat users depending on how often other users see the post and if other people watch the same video several times, for example, it is a signal that picks up and will encourage the algorithm to broadcast it more widely.

The social media platform ‘Snapchat’ in its third-quarter (Q3) has reached 249 million daily active users where it’s like are private and there is no re-sharing of the videos and posting of subscriber numbers is optional.

According to Bloomberg, the new tool for its Snapchat app ‘Spotlight’ will consist of a new feature that will help Snap in a competitive marketplace for viewing entertaining videos online, influenced by Instagram and Google’s YouTube, with China-based TikTok growing quickly among the younger audience.

Besides, Snapchat offers a unique option, that is a videographer can choose to be private, providing a break from influencer culture, and the multimedia messaging app has already benefited by betting on a product that reduces pressure for users.

During the coronavirus (Covid-19) pandemic, Snapchat shares have almost tripled this year to a record of 45.38 dollars as young people turn to Snapchat to message friends videos.

Lastly, one of the Snapchat features in which videos disappear after 24 hours, became too popular and well-liked that the product has been copied by other social media platforms like Instagram, Twitter, Facebook, as well as LinkedIn.