Snap is launching a competitor to TikTok and Instagram Reels

Snap on Monday announced the launch of Spotlight, a Snapchat feature that functions like TikTok and Instagram Reels.

Spotlight will show users the top snaps that have been submitted for consideration by the app’s more than 249 million daily users in a feed that they can swipe or tap through. Spotlight snaps will play in a continuous loop until users swipe to the next one.

Spotlight presents an opportunity for Snap to exponentially expand the amount of entertaining content available to users. Previously, Snapchat users were limited to seeing snaps posted by their friends or posted by publishers in the app’s Discover feature. Spotlight will give users a centralized location where they can access an endless feed of user-generated content.

Snap will motivate users to submit clips for Spotlight consideration by offering a daily pool of more than $1 million to users who create entertaining snaps. The company will use a proprietary equation to determine payout based on how many views a snap gets in comparison to that of other highly viewed snaps.

Users have to be 16 or older to earn a payout. The company will offer daily payouts through at least the end of 2020, a spokesman for the company told CNBC. This is similar to TikTok and Facebook’s Instagram Reels, both of which have started programs that pay creators to post photos and video clips on their products.

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