By Sheila Dang
(Reuters) – 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, 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.
(Reporting by Sheila Dang; Editing by Kirsten Donovan)