Snapchat is launching its answer to TikTok

Axios notes that Snap will only reward original posters, so users who reupload viral content will not be rewarded from this pool of cash.

Snap said it will notify Snapchatters within one week of their Snaps are deemed eligible for payment.

Snapchat said Spotlight had been created to entertain the app's community while also having digital wellbeing in mind.

The new format called Spotlight will allow Snapchatters to see content from influencers and other members of the network popular with young smartphone users.

Spotlight will have its own dedicated tab in Snapchat, and is launching in 11 countries, including the US and UK. Having said that Snap has clarified that there is no place for sponsored or paid-for Snaps.

"Spotlight is created to reward creativity in a fair and fun way, and we're distributing over $1 million Dollars every day to Snapchatters". Snapchat gained notoriety for its disappearing "Stories" but has added a variety of media content with partnerships. Anyone can submit a snap, they'll just have to tap "Spotlight" when posting to ensure it populates the section.

Spotlight will function like any other short video platform out there which has a TikTok like feed. "Many Snapchatters will earn each day, and the ones who create the top Snaps within that group will earn the most for their creativity". Videos within Spotlight also appear without a name or profile handle, unless the video creator has a public profile.

It lost $200 million in the third quarter, but managed to double revenue from a year ago thanks to changes that have helped boost user engagement. The more popular a video, the higher percentage of that daily pot a creator is set to earn. To be accepted into Spotlight, all submitted Snaps must adhere to the platform's community guidelines, so no conspiracy theories or misleading or explicit content, etc. "Our formula may be adjusted from time to time", the company said.

Spotlight is not the only feature that brings to mind its video-sharing social networking rival TikTok, which is known for its short videos of people dancing.

Users will now see an option to share their video in the Spotlight section when they have filmed a clip using the app.

This feature will allow Snap to diversify the entertainment content available to users, CNBC reported.