Snapchat’s New Monetization Features
Snapchat is rolling out a new tool for creators to monetize on the app by using their content in the creator marketplace. Snap puts efforts to keep the most popular content creators, brands, and influencers on its platform to get sponsored-content deals, after a limited launch in May only on Snap’s augmented-reality products. Snap hopes those deals will become a standard place and has added the ability to include a tag on sponsored content marking the posts as such. It’s also added a function for fans to tip influencers. The ongoing competition from the likes of Facebook, TikTok, Instagram, Clubhouse, YouTube, and other social media platforms introduced monetization features to their users.
Now Snap also joined this race and they announced a new way for creators to get rewarded called Spotlight Challenges! Spotlight Challenges will offer Snapchatters the chance to win cash prizes from $250 to $25k for creating the best-performing Spotlight Snaps using specific sounds, AR Lenses, themes, or #Topics. Whether it be your funniest reactions or your best trick shot that highlights their unique voice, creativity, perspective, and personality.
Spotlight Challenges will be rolling out next month to Snapchat Users aged 16+ in the U.S., for both android and ios users with more other country markets coming in the following months. As you can see here, the new Spotlight Challenges will outline the specifics of each trend, as well as the prizes on offer for the best performing clips in each category.
As explained by Snapchat
“Spotlight Challenges will be available on the Trending Page, accessed via the trending up symbol on the top right corner of Spotlight within Snapchat. Select the Challenge you want to participate in to see that specific Challenge page, which will feature the Challenge description and entries submitted by the community. Tap “Challenge Details” for additional contest-specific details like available prizes and submission deadlines. Tap the camera icon to open the Snapchat camera. Create and submit!”
For each Challenge, the top 50 eligible content, relevant and highest viewed submissions will be judged on the following criteria:
- Creativity & Originality, Innovative use of Snap Creative Tools.
- Unique POV, and Entertainment Value.
Typically, each Challenge will feature an average of 3 to 5 winners, although occasionally we may select more or fewer winners (must be 16+ and resident of 50 U.S./D.C., Official Rules apply).
At its launch, in November last year, Snapchat announced that it would pay out $1 million per day, to be shared among the top-performing Spotlight clips, as means to incentivize engagement, and kick-start the offering. Which worked – by the end of Q1, Spotlight had jumped to 125 million monthly active users (out of Snapchat’s 280m total actives), but by that stage, Snap had already paid out $90 million in creator payments, with more to come, and the cost-to-benefit ratio was starting to look a little out of whack.
It could also provide a new revenue opportunity for the app, with brands eventually able to sponsor specific Spotlight trends relative to their promotions. It’s an interesting experiment by Snap that boosting potential engagement with this option, likely won’t help to appease Spotlight creators who have already seen their payment amounts reduce over time.
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In addition to this feature, Snapchat’s also expanding its virtual gifting option to all ‘Snap Stars’ around the world. In May 2021, Snapchat first announced its virtual gifting process for verified Snap creators able to accept digital gifts, like the above animation, which can be purchased by users via on-platform tokens. For eligible to receive in-app gifts, you need to have a ‘Snap Star’ profile, which is the next level of creator account.
“When you send a Gift to a Creator, your Story Reply gets prioritized in their feed! You will be able to see when a Creator has opened your Gift, and they can reply 1:1 or share your reply to their Public Story!”
How to Get a Snapchat Creator Account?
To get a Snapchat creator profile, you must meet the below requirements:
- Minimum 100 Subscribers
- Snap account should be active for 1 week
- At Least 1 bi-directional friend.
As per Snap:
Also, Read: Snapchat Emoji Meanings
Snapchat Creator Marketplace
Snapchat also updated its Creator Marketplace influencer/brand connection platform, with businesses now able to connect with Snap Stars in the app “to help elevate their marketing presence on the platform”.
Snapchat Creator Hub
And finally, Snapchat’s also launching a new Creator Hub which will provide Snapchat tips and its tools features to help improve platform knowledge and output for the users.