Snap-on Monday rolled out a feature, “Spotlight”, that would allow users to share short-form videos publicly in its Snapchat app, adding a service that would compete with ByteDance-owned TikTok and Instagram Reels.
Users, who could previously share snaps or stories with friends, can now share them directly to Spotlight and garner more followers, Snap said in a blog post.
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The company said it would give about $1 million every day throughout the remainder of 2020 to users whose snaps make it to the top of the platform, in a bid to boost engagement with the feature.
Facebook earlier this year launched Instagram Reels - the company's version of TikTok wherein users can record short mobile-friendly videos, then add special effects and soundtracks pulled from a music library.
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The new update is likely to give the company the push it needs to increase growth. In July Snap reported a bump in user growth at the start of coronavirus-led lockdowns petered out sooner than expected, and it forecast fewer current-quarter users than the Wall Street consensus.
Snap faces tough competition from its competitors; Instagram rolled out music stickers for Stories in 2019 and launched TikTok competitor, Reels, in August. Meanwhile, TikTok continues to be popular amongst teens despite facing scrutiny from governments around the world.
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