Snap, the parent company of Snapchat, has launched Story Studio, a standalone video editing app for creators to make more engaging vertical videos. Initially, it was announced in May, and the app is now available as an early version to iOS users in select countries.
With this tool, users can add elements like text, trending audio, and AR lenses. The video created can be uploaded directly to Spotlight, a TikTok-styled video section. The videos can be downloaded and shared on other platforms, and they are not watermarked like TikTok’s.
In Story Studio has Snapchat insights where users can check out the latest trends on Snapchat and also allows users to remix content that is already popular.
Story Studio requires an iPhone with an A12 processor or newer, and iOS 14.7 or newer. The minimum supported iPhones are the iPhone XR and XS.
To date, Snap has paid over $250 million to 12,000 creators through its Spotlight fund. According to the company, it’s paying millions per month to users with top-performing Spotlight submissions but did not specify an exact number.
Further, Snap says it will continue to offer a “range of opportunities” to reward popular creators. Currently, Snap still faces stiff competition in the mobile video space from TikTok and Instagram Reels.
Snap’s Story Studio is available to download from the Apple Store in the US, UK, and Canada. It is expected to roll out more widely next year.