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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Wixen Music Publishing has accused the social media video sharing platform Triller of illegally using its songs by Weezer, The Ramones, Styx and hundreds of other artists in the music publisher's 50,000-deep song catalog.

The case filed in U.S. District Court for the Central District of California claims Triller has infringed on Wixen's songs by making them available on the app without properly clearing them for use. Wixen is seeking over $50 million in damages for what the music publishing house calls willful copyright infringement by Triller.

Triller CEO Mike Lu dismissed the suit.

"This is nothing but a baseless shakedown and it won't work," he said.

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TikTok can breathe easier after the government gave the viral video app until November 27 to finalize a deal that would allay the government's national security concerns.

The 15-day extension was granted, a filing on Friday showed, by the Committee on Foreign Investment in the United States (CFIUS), the entity monitoring foreign investments.

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