Snap’s new Creators Fund will award independent musicians up to $100,000 per month – Meczyki.Net

Snap is launching a new Sound Creators Fund to financially support independent artists who distribute music on Snapchat through DistroKid. Starting in August, the company will distribute payouts for up to 20 songs per month for $5,000 per song. Snap anticipates awarding up to $100,000 in grants each month. The company told Meczyki.Net that its music team will select songs from emerging artists who have created songs that drive content across the app. Artists must be based in the United States and at least 16 years old to be eligible for the fund.

When asked how long the program will last, a Snap spokesperson said the Sounds Creator Fund will run for the next several months to begin with, but could be extended.

Creators selected achieve Fund will also get grant achieve Snap says there will be creative support, the opportunity to incorporate popular songs into the app’s sound product, Snapchat Lens or Spotlight.

“We look forward to supporting independent and emerging artists creating on Snapchat,” Ted Suh, Global Head of Music Partnerships at Snap, said in a statement. “By providing meaningful funding and creative support, we aim to make artists feel empowered to pursue and pursue careers in music.”

It’s worth noting that musicians signed to Snap’s music label and publisher partners, including Universal Music Group, Warner Music Group, Sony Music Publishing and more, use their content through Snap’s label and publication licensing agreements. do monetization. This new fund is a separate grant program for any musician who has chosen Snapchat’s distribution deal with DistroKid.

Snap says Snapchat has proven to be a powerful distribution tool for artists to share their music globally. Snap notes that videos created with music from Sounds on Snapchat have collectively resulted in over 2.7 billion videos created and over 183 billion views. In addition, Snap says that nearly two-thirds of Spotlight submissions use one of Snapchat’s creative tools or augmented reality lenses.

The launch of the new Sounds Fund comes a month after Snap announced its first accelerator program for emerging Black creators. Over the course of a year, Snap will pay out 25 selected Applicant $10,000 per month ($120,000 total) to help launch his career, a total investment of $3 million. Program Snap’s. is part of 523 Initiative, which aims to support underrepresented creators.

crack free Its second-quarter earnings last week missed analysts’ expectations. Revenue for the quarter was $1.11 billion, up 13% from the same period a year ago, but falling below its previous guidance of 20% to 25%. Snap also declined to predict its future financial performance due to “uncertainties related to the operating environment.” The company noted that the second quarter of the year was more challenging than expected and it now plans to “significantly slow down our rate of recruitment, as well as the rate of operating expense growth.”