Business Insider reported exclusively on Thursday that its parent firm Snap had acquired TikTok-like songwriting app Voisey, potentially with an eye to surfacing new artists through Snapchat. The new feature is yet another indication that Snapchat is eyeing TikTok's creativity crown.

The feature is initially available in the US, Canada, Australia, New Zealand, the UK, Ireland, Norway, Sweden, Denmark, Germany, France, with more countries to follow. You do need to be over 16 years old - here are the full terms. You don't need to be a professional influencer, and the cash is distributed based on how many people watch your clip, how long they watch it, and whether they favorite the clip. The content on TikTok is short-form videos, music videos, dance videos, or vlog-styled mini clips. To try and prompt Snapchatters to share their best material publicly, Snapchat is offering a daily $1 million funding pot to be distributed between the most entertaining creators. The idea seems to be to enable Snap to extract maximum value and views by broadcasting entertaining clips more widely that may otherwise only be seen by one person, or a small group of people.

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