Becoming a millionaire is only a few Snapchats away.
Yes, you heard that correctly – Snapchat is making a few people millionaires.
The spotlight feature on Snapchat is a dedicated tab in the app for promoting short viral videos from the Snapchat community, much like TikTok.
Since late November, the company has maintained a $1 million daily pool which it pays out to the creators of each day’s top-performing videos on its short-form video service, spotlight.
The company determines payout based on how many views a video gets in comparison to that of other highly viewed snaps.
The move is meant to draw more creators to make videos for spotlight, the company’s TikTok competitor, which in turn will help snap attract and retain users.
Spotlight has grown to more than 100 million monthly active users, and has over 175,000 video submissions per day.
Meanwhile, the Snapchat app overall grew to 265 million global daily active users in its fourth quarter of 2020, from 249 million in its third quarter.
So far, Snapchat has given out more than $110 million overall across the markets where spotlight is live.
Snapchat said “several” users have become millionaires through the spotlight club since November 2020.
The company also recently rolled out spotlight in India, Mexico and Brazil along with its $1 million-a-day incentive program.