Snap Inc, owner of photo messaging app Snapchat, announced Thursday it will launch a new standalone app later this year called Story Studio, with video editing tools to help users make professional-level content for mobile.
Snap said it will also add a new feature to help notable Snapchat personalities earn money by allowing fans to send paid gifts on the app.
The announcements, made during 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 in which platforms like Instagram and TikTok are introducing more ways for users to earn money from creating content.
Video creators have earned more than $130 million from posting on its short-form video feature called Spotlight since November, Snap added, which has paid out $1 million per day to Spotlight users.
The Santa Monica, California-based company added 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.
Screenshop is part of Snap's years-long investment to grow augmented reality technology, which it views as a way to enhance how users interact with their surroundings. Other tech companies including Facebook and Apple are also investing heavily in AR technology.