Snapchat customers can share suggestions with standard builders later this yr
Giving will be rolled out to Snap Stars later this year on Android and iOS.
Snapchat users will be able to tell high profile developers through the app’s chat feature later this year, Snap said Thursday. The move is driving the social media company further into monetizing developers.
Users can buy tokens in the app and use them to buy “gifts” that they can send to creators via story replies. Creators can cash out once they have collected $ 100 worth of gifts.
Snapchat – which now hits 500 million monthly active users – will cut the gifts sent but declined to say how much.
Social media companies offer developers more options to monetize their content in order to attract more users. This also helps them diversify their revenue outside of advertising.
For example, Twitter recently launched its Tip Jar that some users can add to their profiles. Twitter has also been working on an offering called “Super Follows” that will allow users to pay to see tweets from their favorite accounts.
Snap shares closed more than 5% on Thursday.
Snapchat will also be reformatting the incentive program for Spotlight, its TikTok clone, for $ 1 million per day starting next month. Instead of a daily offer, Snap users can earn from a pool of “millions” of dollars each month. The company declined to provide an exact number.
As of late November, the company has maintained a daily pool of $ 1 million that it pays out to creators of each day’s top performing videos through its short-form video service. The company determined the payouts based on the number of times a video was viewed versus other popular snapshots.
To date, Snap says more than 5,400 developers have collectively made over $ 130 million. Since the company will continue to pay in some form, users are unlikely to fully jump to competitors who are also paying users like YouTube and TikTok.
Snap is also launching Story Studio, a free stand-alone mobile editing app for developers. Users can explore trends and insights, and share videos directly on Snapchat or other platforms. The company announced that Story Studio will be released on iOS later in 2021.
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