  Image: Thought Catalog Snapchat is making a $31M bet that it can lure TikTok users to its new video-sharing feature.
The company announced this week it will divvy up $1M a day until the end of the year among people who submit the most popular content on its new Spotlight feature.
Which has the tech world asking: Will this new social (media) experiment work?
If the popularity of the lottery in the U.S. is any indication, the effort could stand a decent chance. Who doesn't fancy a chance at winning money? (Though, $1M split among even a small portion of Snapchat's 250M users doesn't come close to California's current $244M lottery prize.)
HQ Trivia tried giving away boatloads of money to lure people to use its service a couple years ago and failed spectacularly (the company is now bankrupt).
Tulsa proved it could lure people away from San Francisco with the promise of $10k (posting a 10-second video dancing next to an animated version of yourself is much less committing).
Earlier this year Facebook researched how much it would have to pay people not to use social media during an election, figuring it would take somewhere in the range of $10 to $20 a week.
Since Snapchat is breaking new ground to reach young people, some took to Twitter to suggest an update: Pay us in crypto. Hot startups hiring now 🔥
Funding and acquisitions Step, a fintech platform that markets itself to Generation Z, announced a $50M Series B led by Coatue. Step offers a "first-of-its-kind" free (no fees), FDIC-insured bank account, Visa spending card, and P2P payments platform that teens can use to send and receive money instantly. Just two months after launching the service, the company reports 500k users. Space tourism startup Space Perspective raised $7M in seed funding to pursue the first test launch of its balloon spacecraft. Spaceship Neptune is designed to carry up to eight passengers on a six-hour journey into orbit, with a landing in the Atlantic Ocean. The first test flight is planned for early next year. Serenade, a startup using AI to enable audio-based coding, raised $2.1M in seed funding led by Amplify Partners and Neo. Serenade's co-founder developed a debilitating repetitive stress injury that prevented him from using a keyboard. So he developed an audio interface to get the job done. Welcome, which develops software to help companies onboard new talent, raised $6M in seed funding led by FirstMark Capital. The company also announced a new offering that offers employees an easy-to-understand picture of their total compensation and benefits. The company previously raised $1.4M. |
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