Since 2019, the company behind Snapchat has hosted a Snap Partner Summit to share its latest news and upcoming products. 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.
Last year, Snap began sharing revenue on midroll ads that appear in its Stories. After piloting that program alongside a select group of creators, the app is now expanding Stories monetization. Creators “may be eligible” to profit from their Stories so long as they meet the above criteria and share at least 10 of the disappearing posts each month. More details about those criteria are available through Snap’s Creator Hub.
“Creators in the Stories revenue share program are posting more often to Snapchat and our community is loving the content they’re creating,” Berry said. “The total time Snapchatters spend watching Stories from creators in our revenue share program in the US has more than doubled year-over-year.”
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Snap is also opening up new monetization opportunities on Spotlight, its TikTok-esque vertical video format. Short-form stars like Hayley Thompson have been able to earn thousands by participating in themed Spotlight Challenges, and Snap is now increasing the total payout pool for the creators of top Spotlight posts.
With all of these developments, Snap is encouraging users to create content across all of its formats rather than focusing on one of them. That strategy has paid dividends for creators like Eitan Bernath, who have harnessed Snap’s numerous revenue streams. “The monetization is really great for creators,” Bernath told Tubefilter last year. “On Snap, very often the number of monetizable views will be higher than the number of viewers.”
To consolidate all of those formats in one convenient location, Snap is introducing Public Profiles (pictured above), which will increase visibility for creators. Public Stories will be introduced as well, thus creating more impressions for Snap’s fledgling monetization program.
During the Snap Partner Summit, the app also revealed that its premium tier, Snapchat+, now has more than three million users. The $3.99-per-month subscription got its millionth user just a few weeks after it launched, and it has continued to grow since then.
Snapchat+ subscribers still make up a small fraction of the app’s overall user base. “750 million people use Snapchat every month, reaching the vast majority of 13-34 year olds in more than 20 countries,” Snap CEO Evan Spiegel said during the Partner Summit. “We all love Snapchat because it gives us a better way to communicate with our friends and family.”
To read about all the announcements that went live during the Partner Summit, head over to the Snap Newsroom.