Snap today unveiled plans for a new standalone app offering professional levels of video editing as it looks to challenge the dominance of rivals Tiktok and Instagram.
The US tech firm, which owns Snapchat, said Story Studio will give social media stars powerful editing tools to make professional content for mobile.
It will also introduce a new gifting feature, meaning Snapchat personalities can earn money.
The announcements, made during the company’s annual partner summit, come as the disappearing video app looks to challenge its larger social media rivals.
Snap today said it has reached 500m monthly active users — the first time it has publicly disclosed this metric.
Tiktok is thought to have roughly 700m monthly active users worldwide, while Instagram’s platform tops 1bn.
These platforms — alongside other sites such as Twitter — are increasingly introducing ways for users to earn money from content.
Snap today said video creators had earned more than $130m from posting on its short-form video feature Spotlight since November, with roughly $1m paid out per day.
Other new features unveiled by the app include augmented reality glasses and Screenshop, which will allow users to scan photos of outfits and receive recommendations from brands to recreate the look.
It came as Tiktok’s Chinese owner Bytedance announced that its founder will step down as chief executive.
Zhang Yiming, who set up Bytedance in 2012 and transformed it into a social media powerhouse, will hand over the reins to Liang Rubo, his former college roommate who currently serves as head of human resources.