Snapchat Launches Fund for Musicians
Ted Suh, head of Snap's music partnership, said the company wants to provide support for aspiring music content creators. The Sounds Creator Fund aims to promote creativity on Snapchat and help musicians. Artists can now share their audio for free and receive a monthly grant.
Snapchat's "Sound" feature was introduced in 2020 and allowed users to add music to their snaps. Snap bought licensing agreements with major record labels to provide a wide selection of audio tracks. This section also allows artists to upload their music via DistroKid. This allowed independent musicians to use another platform to develop and find an audience.
The Foundation offers creative support through monthly payments. Popular music creators can receive a grant of up to $100,000. Snap also makes it possible for the top audio to get into Spotlight or Snapchat Lenses. Thus, the creators will be interested in developing on this platform and distributing their tracks. 347 million audiences will help to make music known to more people.
A similar foundation was at Snapchat when it wanted to develop the Spotlight shorts feature. Later, the number of grants began to decrease. It is expected that shortly the same fate will overtake the Sounds Creator Fund. By then, however, many independent artists will have had a major boost, and Snapchat will have grown in importance in the music world.
Snapchat's new fund is similar to TikTok one. Also, in partnership with DistroKid Meta, they launched their own fund for musicians in 2021.
Snapchat gives independent creators another opportunity to get their music out there and gain recognition. The monetary grant will also encourage users to add more quality content, thereby increasing the platform's popularity.
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