Snap adds money earning features, plans new augmented reality glasses

The Santa Monica, California-based company said on Thursday it will introduce a new version of its Spectacles glasses, the first to feature augmented reality, as part of a push to create ways for users to interact with their environment.

The plans, announced at Snap's annual Partner Summit for app developer and brand partners, are aimed at helping the company compete for more usage in a crowded social media landscape, as competitors like YouTube, Instagram and TikTok launch new features to court content creators.

Snap has paid $1 million per day collectively to users who post short-form videos to its feature called Spotlight since launching it in November. A Snap spokeswoman said on Thursday the company will no longer commit to paying $1 million per day, and instead will pay "millions per month."

The shift on payments comes as Snap and other social media platforms look for ways to build more sustainable features to help influencers to earn money, such as through gifts and tips from fans.

Spotlight video creators have earned more than $130 million since November, Snap said.

The company said it will introduce a camera feature called Screenshop, which, for example, will let users take a photo of an outfit they see, and then receive clothes recommendations from brands to recreate the look.

The new version of the Spectacles glasses will not be sold to the public. They are aimed at artists and developers who want to build augmented reality experiences on Snapchat.