snapchat: Snapchat introduces cash prize ‘challenges’ for content creators – Times of India

Snapchat is adding a new way for content creators to earn money. In an attempt to compete with TikTok, Snapchat announced a new incentive program meant to motivate users to produce and share content on its social network with a new app feature called Spotlight Challenges.
The Verge reported that this new feature will reward some creators each week for making videos using specific lenses, doing certain activities, or playing a chosen sound inside the app’s TikTok competitor, Spotlight.
The challenges offer a new way for Snapchat to incentivise users to make videos for Spotlight — and it does so in a way that offers the company a lot of control. It can boost certain trends or try to encourage different types of content than people would typically make. That could help as it tries to differentiate Spotlight from TikTok and give people a reason to keep coming back to find something new.
A Snapchat spokesperson told The Verge, “It’s also a potential revenue opportunity. Challenges won’t be sponsored at launch, but Snapchat may offer sponsored ones in the future”
Initially, Spotlight Challenges will be rolling out next month to Snapchatters 16+ in the United States, but more markets will be added to the roster in the following months. These payments will be in addition to the millions of dollars per month the company pays out to creators globally who make top Spotlight videos. Snap was paying $1 million per day at launch, but later reduced the sum to a less-specific “millions per month.”
The payments seem to have been working, at least a few months ago. In July, Snapchat said daily usage of Spotlight was up 49 per cent quarter over quarter. Time spent per day was also up more than 60 per cent in the US — though in both cases, it didn’t share the actual figures.
Payment:
According to Snapchat, around three to five creators will be awarded cash for each challenge, with the winners being chosen from among the most-viewed eligible videos. Payments will be divided among winners from prize pools that “typically range from $1000 to $25,000 (Rs 74,724 to Rs 18,68,107),” with the minimum payout being $250 (Rs 18,681). There’ll be multiple challenges every week.
Eligibility:
In case of each Challenge, the top 50 eligible, relevant and highest viewed submissions will be judged on various criteria, such as creativity, originality, innovative use of Snap Creative Tools, unique POV, and entertainment value.
How to participate:
Those who wish to participate have to visit the Trending Page and select the Challenge they want to take part in to see that specific Challenge’s page. Simply select “Challenge Details”, then tap the camera icon to open the Snapchat camera, choose to create and then submit.
Other revenue streams:
In addition to Challenges, Snapchat is also adding a couple of other ways for creators to get paid. Gifting is now rolling out globally, allowing viewers to tip creators with digital tokens, of which they’ll get a revenue cut.
Snapchat is also expanding its Creator Marketplace to include video creators, letting businesses connect with them for sponsorships. Access to these features is limited, however, only approved “Snapchat Stars” are eligible for gifting and the marketplace and creators have to be invited by Snapchat to participate in that program.