Snap has announced the Snapchat Sounds Creator Fund: its first fund designed to support emerging and independent artists who distribute their music on the app via DistroKid.
Starting in August, Snap will be offering monthly grants of up to $100,000 to artists who distribute music on Snapchat through DistroKid. The program is currently limited to 20 songs; Snap says it will provide grants of $5,000 per song to artists, based on Snapchat users’ level of engagement with the music.
Currently, musicians who are signed to Snap’s music label and publishing partners — which include Universal Music Group, Warner Music Group, Merlin, Sony Music Publishing, Universal Music Publishing Group, Warner Chappell, and Kobalt — are monetizing their content through these agreements. The new Sounds Creator Fund is a separate grant program for any musician who has signed up to Snap’s deal with DistroKid granting full rights.
“Snap wants to help emerging and independent artists produce great content and build their brands by recognizing Sounds creators who are setting trends and defining cultural moments – not just based on their number of subscribers. “, said the company when announcing the program.
To be eligible for the Snapchat Sounds Creator Fund, artists must be based in the United States and at least 16 years old (and, where applicable, have parental consent).
The company launched Sounds on Snapchat in October 2020, allowing users to add music to their videos (à la TikTok). Since then, videos created with music from Sounds on Snapchat have collectively generated more than 2.7 billion videos created and more than 183 billion views, according to the company.
Snap said its music team is “always on the lookout for new licensed music that will spur creative expression through our Sounds products,” based on the songs’ relevance to Snapchat’s audience. “Whenever a licensed song is popular and resonates with our audience, it will have the opportunity to be included in relevant playlists in our Sounds creator, Snapchat lens, or Spotlight,” according to the company’s announcement.
“By providing meaningful funding and creative support, our goal is for artists to feel empowered to continue creating and pursuing careers in music,” Snap’s global head of music partnerships Ted Suh said in a statement. .
Snap last week reported second quarter 2022 financial results that fell short of Wall Street’s already lowered expectations, saying growth in advertising demand had “significantly slowed.” Snapchat had 347 million daily active users on average during the period, a gain of 15 million sequentially.