Who will be able to earn money with the change announced by Snapchat?
The company says the revenue share is based on a formula that takes into account metrics like post frequency and engagement. The feature is only available to Snap Stars, who are creators or public figures with large followings who have been verified on Snapchat, and are ranked by having a gold star.
Snapchat has added several ways for creators to monetize their presence on the app. Snapchat users already see ads between friends’ Stories and in the Discover section, but this is the first time creators will get a share of ad revenue in Stories.
Previously, the platform detailed that users were moving towards TikTok-esque content in Stories. Snapchat CEO Evan Spiegel told investors earlier this month that users are spending less time posting and viewing stories and instead viewing content on Spotlight, the TikTok equivalent of Snapchat.
Following this discovery and in an effort to entice users to create more vertical video content for Spotlight, the company announced that it would pay $1 million per day through the end of 2020. Snapchat now says it pays users millions of dollars per month. creators who make the best Spotlight videos.
In 2021, the platform announced Spotlight Challenges: cash prizes for users who create the best videos using specific lenses, sounds, or themes. The company says it paid more than $250 million to creators last year.