Snap SNAP shares jumped Monday after the photography-focused social-media platform unveiled Spotlight, a video feature similar to the kind popularized by rival TikTok.
At last check Snap shares were 4.6% higher at $46.34. In Monday trading they have touched a 52-week high above $47.
Spotlight will show videos from users that are less of the day-in-the-life content the platform is known for and more creative, like the posts seen on TikTok.
To entice users to create videos for the platform, Snap will pay out $1 million a day to Spotlight content creators.
"We designed Spotlight to entertain our community while living up to Snapchat values, with our community’s well being as a top priority," Snap said in a statement introducing the new feature. "Spotlight content is moderated and doesn’t allow for public comments."
Spotlight is available in the U.S., Canada, Australia, New Zealand, the U.K., Ireland, Norway, Sweden, Denmark, Germany and France. The Santa Monica, Calif., company plans to expand the feature to more countries.
Snap is not alone in adopting tech to match that of its competitors in social media.
Earlier this year Facebook (FB) - Get Report adopted the video-editing feature popularized by TikTok, naming it Reels. Previously, Facebook adopted the quick-disappearing video format that made Snapchat popular.
Last week, Twitter unveiled one of its biggest changes to date with the debut of Twitter Fleets, which is similar to Snapchat and Facebook/Instagram stories.