Snapchat launches ‘523' to fund and nurture content creators for its ‘Discover' platform

Snapchat Discover has a content accelerator program for 20 small minority-owned content companies

Snap Inc. has launched ‘523’, its first-ever content accelerator program. The Snapchat ‘Discover’ platform will welcome and fund 20 successful applicants. The company has named the program 523 because it began its journey from a small office at 523 Ocean Front Walk in Venice.

Content aggregators have risen in popularity, and platforms like TikTok are rapidly capturing the attention and imagination of viewers, and more importantly, content creators. Hence, traditional crowd-sourced platforms like YouTube, Instagram, and others are now adopting similar tactics. But Snapchat has taken a slightly different approach. Instead of competing with features, the company is trying to help content creators.

Snap Inc. is now welcoming applications for the ‘523’ program. The company will accept applications till 1 February. Moreover, only 20 applications will be chosen for the mentorship and incubation program. Snap Inc. has indicated that it is prioritizing “small, minority-owned content companies and creatives that traditionally lack access and resources.”

“The goal is to help them build their businesses and audiences through the distribution of content on Discover,” noted Snap Inc. The ‘523’ Content Accelerator Program will run for six months. It will offer $10,000 USD per month, “to support the applicants' investment in concepting and filming content for Discover.”

Successful applicants will also receive 1:1 mentoring from Snap Inc.’s Content + Media Partnerships team. “Experts from Snapchat” will offer guidance for “creative strategy, monetization and more.” Snapchat is also offering to connect content creators with sponsors. Companies such as AT&T, Nissan, Target, State Farm, Unilever, Uber Eats and McDonald's have reportedly confirmed their participation.

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