Evan Spiegel, CEO and founder of Snapchat, said Thursday that his app is available in 50% of the US … [+]
Some time ago, Snapchat wasn’t seen as a land of abundance for social media developers, many of whom were instead drawn to easier ways to make money on other sites like YouTube, Instagram, and TikTok. That changed quickly.
Take, for example, the announcement that Evan Spiegel, CEO of Snapchat, made on Thursday during an annual conference: the addition of a Creator Marketplace, a place in his app where influencers and brands can socialize and partner. This type of sharing is becoming increasingly important on social media – TikTok started Facebook considering adding one last year – and its launch is an example of the industry’s drive to better enrich the influencers on these sites.
“Snapchat creates a way for developers to get started on the platform and build a business on the platform,” said Zach Lupei, a product manager for the group at Snapchat who worked on developing the market.
For much of Snapchat’s decade in existence, the app has been primarily a messaging tool. That focus began to shift a few years ago when a Discover page was added with videos from verified celebrities. However, Discover doesn’t pull in content from average users, the kind of videos that have fueled large audiences on other sites. That’s why Snapchat added its Spotlight feed last November, stating that it pays users who upload clips to Spotlight up to $ 1 million per day to reward the most popular videos.
All of Snapchat’s top competitors are working on similar initiatives in the hopes that the developers will pour in money to get users excited about the apps. Snapchat has been successfully growing its audience lately and now has over 500 million users per month.
Together with the Creator Marketplace, Snapchat offers the ability to send money to influencers via the app, another new feature in social media, and new video editing tools.
However, attracting these influencers is a costly endeavor, and Snapchat plans to change how much money is paid out through Spotlight starting next month. The “shift” is meant to “give us more flexibility to reward more creators and more overseas markets,” said Jim Shepherd, director of talent partnerships at Snapchat. Snapchat wouldn’t say whether the changes mean more or less money to be paid out to the creators.