Snapchat is decreasing the reward money creators can get when they make content for the platform's TikTok competitor — again. Business Insider reports that the pot of cash up for grabs for users making Spotlight videos now sits at millions of dollars per year.
The 2023 edition of the Summit included a handful of exciting announcements. Snap Head of Talent Development Brooke Berry revealed that Snapchat creators with at least 50,000 followers and 25 million monthly views will now be eligible for the app's Stories monetization program.
Snap creators are paid in Crystals, whose exchange rate is roughly $1 to 10 crystals, and can be paid out after a creator has earned over 1,000 crystals or $100. Snap acknowledges it hasn't always been top of mind when people think of the creator economy.
Cam Casey – over $3.5 million
Snapchat's top earning creator is Cam Casey, who is a TikTok star with 7 million followers. Since he began posting to Snap's Spotlight feature in December, Casey has made over $3.5 million, Insider confirmed with sources familiar with Snap's creator payouts.
So, despite Facebook and Instagram bringing in the most money, users are making more over on TikTok and YouTube. Regarding the big bucks, YouTube is the primary source of income for creators earning more than $200,000 per year.
When presented with the code and asked if Snapcash would shut down, a Snapchat spokesperson confirmed to TechCrunch that it would, explaining: “Yes, we're discontinuing the Snapcash feature as of August 30, 2018. Snapcash was our first product created in partnership with another company – Square.
As the name suggests, 5k subscribers mean that the user has more than 5000 followers or subscribers on the Snapchat platform. Remember that for a profile to show this count there are 2 requirements: The account should be a Snapchat public profile. The followers count should be more than 5000 followers!
Unlike Youtube and Instagram, TikTok pays you a small amount of money for making videos. With a creator's fund, you are paid 2-4 cents for every 1000 views, and you can make $20-$40 only after your video gets 1 million views. That's heartbreaking, right?
A Snapchat Plus subscription gives users early and exclusive access to features for $3.99 a month, including changing the app icon and seeing who rewatched your story. In July, the company rolled out Snapchat for desktop to subscribers — the first major feature for paid users.
To encourage and incentivize you to perform the services of creating and posting your Snaps to Spotlight, we would like to pay you for your services if you qualify as described in these Spotlight Terms. Only a small percentage of Creators submitting Snaps to Spotlight will receive payments.
To be eligible to join the program, which is invite-only, creators must have at least 50,000 subscribers, more than 25 million monthly snap views and post more than 10 Stories per month.
How much is 1 million coins on TikTok? 1 Million coins on TikTok is around $18k.
What happens when you get 1,000 subscribers on YouTube? Reaching 1,000 subscribers means you have satisfied one requirement to join the YPP and monetize your channel (the other is getting 4,000 hours of watch time or 10 million public Shorts views in 90 days).
As social media platforms become increasingly popular, more and more people are turning to buying followers to get an edge in the competition. Snapchat is no exception, as users can buy followers to boost their popularity on the app.
"Yes, we're discontinuing the Snapcash feature as of August 30, 2018," the company wrote. "Snapcash was our first product created in partnership with another company -- Square. We're thankful for all the Snapchatters who used Snapcash for the last four years and for Square's partnership!"
Top creators say that TikTok pays contributors between 2 and 4 cents per 1,000 views through its TikTok Creator Fund. Doing the math, that means creators stand to earn $20 to $40 dollars per 1 million views through the program.
TikTok has a new competitor: Zynn, a nearly button-for-button clone of TikTok that differentiates itself with one key twist — it pays users to sign up, watch videos, and convince others to follow suit.