Snapchat is paying out $1 million a day to top creators as competition for influencers intensifies.

It is the latest move in an arms race among a growing list of social media companies that depend on short-form, user-generated videos.

The new feature, called Spotlight, rolled out on Monday. Snap, which once distinguished itself as a friend-to-friend messaging app, is now letting users submit video clips of up to 60 seconds that can be viewed by anyone on the platform. It comes weeks after the platform opened up public profiles to everyone.

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Santa Monica-based Snap has acquired Voisey, a U.K.-based music-tech startup that launched in 2019. The deal was reported by Business Insider, which did not include terms.

Voisey is a mobile app similar to TikTok, but with more of a creator-oriented bent. Whereas TikTok allows users to lip sync and dance to songs in the app's library, Voisey enables users to co-create new songs, or parts of songs, up to a minute in length. Music producers upload their own beats, upon which more users can then add layers like vocals, harmonies or percussion, with support from tech features like auto-tune or other audio enhancements.

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Snap shares soared after CEO Evan Spiegel touted the company's highest Q3 growth rate since 2017. The outspoken executive used Tuesday's earnings call to highlight the social media platform's efforts to engage users "following the murders of George Floyd, Ahmaud Arbery and Breonna Taylor."

The upbeat earnings report sent its stock soaring 20% in after-hours trading.

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