The Snapchat messaging app is offering a whopping $ 1 million to its users every day as it tries to compete with TikTok in viral video.
Its new Spotlight feature will use an algorithm to recommend the “most attractive” posts to view, based on what a user is interested in.
Snapchat says the feature will include people with “private, personal accounts” as well as its biggest stars. The $ 1 million payment per day will last at least until the end of the year. But if successful, it could potentially continue into 2021, the company said.
Videos must be submitted to the scheme to qualify for profits. How much a video makes for its owner depends on a complicated formula but includes how many views the video has. However, Snapchat has not said how many people will be allocated $ 1 million a day, or what the maximum individual profits may be.
Users must be 16 years of age or older to pay, and obey a number of copyright, sponsorship, drug and alcohol rights, among others.
The company says it will moderate posts for breaches and anyone trying to defraud the algorithm. “We are actively monitoring fraud, to ensure that we are accountable only for authentic engagement with Snaps,” he warned.
The payment system reflects the competitive market for recent viral hits, according to Ben Wood, an analyst at CCS Insight. “Snapchat lives and dies from how engaged users are with its content,” he explained.