Cash Prizes

Snapchat Has Added Challenges’ With Cash Prizes To Its TikTok Competitor

Snapchat is introducing a new option for creators with cash prizes. Inside the app’s TikTok competitor, Spotlight, the app is launching a feature called Spotlight Challenges, which will reward a number of creators each week for recording films using specific Lenses, completing specific activities, or playing a specific sound.

Each challenge will offer cash to three to five creators, with the winners chosen from among the most-viewed eligible videos. The lowest payment would be $250, but the awards will “typically range from $1k to $25k,” according to Snap. Every week, there will be several challenges.

The challenges provide a new avenue for Snap to encourage users to create films for Spotlight while still giving the business a lot of control.

It can help to promote certain trends or encourage people to create different types of content than they normally would. That might help differentiate Spotlight from TikTok and offer users a reason to keep coming back to see what’s new.

It’s also a possible source of revenue. Challenges will not be sponsored at launch, but a Snap spokeswoman informed The Verge that sponsored challenges may be offered in the future.

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Challenges are already being rolled out in the United States, with other markets to follow. According to the spokesman, these payouts will be in addition to the millions of dollars paid out each month to creators throughout the world who produce top Spotlight videos. At first, Snap paid $1 million every day, but the amount was then cut to “millions per month.”

At least up until a few months ago, the payments appeared to be operating. Snap announced in July that daily Spotlight usage had increased by 49% year over year.

In the United States, time spent each day increased by more than 60%, though Snap does not reveal the exact percentages in either scenario.

Snap is adding a couple of new options for creators to get some cash price, in addition to Challenges. Gifting is now available worldwide, allowing viewers to tip creators with digital tokens in exchange for a part of the earnings. Snap’s Creator

Marketplace is also expanding to include video makers, allowing businesses to engage with them for sponsorships. However, these capabilities are restricted: only approved “Snap Stars” are eligible for gifting and the marketplace, and creators must be invited by Snap to participate.

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