Snap Inc. has unveiled its latest offering, a standalone video editing app called “Story Studio,” signaling its commitment to short-form vertical videos. Initially announced in May, the app is now available for iOS users in the US, UK, and Canada.
Focus on Vertical Videos
Story Studio is tailored for vertical videos, aligning with Snapchat’s popular TikTok-inspired feature, Spotlight, launched in November last year. Similar to TikTok and Instagram Reels, Spotlight allows Snapchat users to post vertical videos within an endless scrolling feed. With Story Studio, users can seamlessly edit their vertical videos, ready for export directly to Spotlight or uploading to a Snapchat story.
Enhanced Editing Capabilities
Snapchat empowers users with a range of editing features within Story Studio. From Snapchat Lenses to songs and stickers, the app offers creative tools to enhance vertical videos. Basic editing functions include video trimming and frame-by-frame editing. Moreover, users can download their edited videos without the Snapchat watermark, ensuring compatibility with other platforms like Instagram Reels.
Insights for Better Engagement
To aid creators in maximizing their video reach, Story Studio provides Snapchat insights. These insights highlight trends for sounds, hashtags, and lenses, enabling users to tailor their content for optimal engagement. With a deeper understanding of trending topics, creators can strategize their video content more effectively.
Spotlight Fund Rewards Creators
In conjunction with the app launch, Snap announced that it has disbursed over $250 million to 12,000 creators through its Spotlight fund. Initially, Snap pledged to pay creators up to $1 million per day for Spotlight videos, later transitioning to monthly payouts from June onwards. While exact payout figures remain undisclosed, Snap intends to continue rewarding creators for their contributions to Spotlight.
Competitive Landscape
Snapchat’s move comes amidst increasing competition in the short-form video space. Rivals like Instagram and TikTok have also rolled out creator funds to incentivize content production. Instagram, for instance, announced creators can earn up to $10,000 through Reels, while TikTok launched a $200 million creator fund last year, set to grow to $1 billion over the next three years.
As Snapchat ramps up its efforts to foster a vibrant creator community and elevate short-form video content, the introduction of Story Studio underscores its dedication to innovation and user engagement in the ever-evolving social media landscape.
