Snapchat’s TikTok rival, Spotlight, currently has a lot more than 100 million users simply over 8 weeks after introducing. The business unveiled the statistic as an element of its earnings that are fourth-quarter for 2020.
Spotlight features a stream of user-generated videos in a dedicated section of its app. Snap has been able to drum up interest in the feature by spending millions of dollars to pay the creators of the most videos that are popular. “We are seeing over 175,000 movie submissions each day, an average of, in component as a result of our motivation system for creators, where we distribute over $1 million each day towards the performing that is top,” CEO Evan Spiegel said during a call with analysts.
It’s not clear if Snap plans to pay video creators indefinitely, though CFO Derek Andersen said the company “will continue to support the launch of Spotlight with our $1 million per day creator fund in order to build on the momentum we are seeing with this exciting new platform.” The payments have generated interest that is significant the function among users. Final thirty days, the newest York instances stated that several of the most spotlight that is successful — some of whom are still teens — have made millions of dollars from viral clips.
Snap’s success with Spotlight comes amid increasing competition from other platforms. TikTok recently announced a $200 million fund to pay its top creators, while Instagram has experimented with new ways for influencers to make money from the app. (The company hasn’t shared metrics for its TikTok clone, reels.)
Snapchat is also continuing to grow outside of Spotlight. The app added 15 million new users quarter that is last bringing its total daily active users as much as 265 million. Year the company reported $911 million in revenue for the quarter, a 62 percent increase from last. The company also cautioned that Apple’s upcoming iOS 14 update, which requires apps to ask for users’ permission for ad tracking features, could present a “risk” to the company at the same time.