The Sounds Creator Fund is available to artists using Distrokid on the video-sharing platform.
Each song has a chance of claiming anywhere up to $5,000 with a limit of 20 songs, Variety reports.
However, the artist's engagement will be checked before its approved.
Snapchat told the outlet: “Snap wants to help emerging, independent artists produce quality content and build their brands by recognising Sounds creators who are driving trends and defining cultural moments – not just based on their follower numbers."
Earlier this month, Snapchat for Web launched.
The popular social media platform - which launched as a mobile app in 2011 - is now available on computers.
In a blog post, Snap Inc. announced: "Every day 332 million people open Snapchat on their phones, and with our camera, can start conversations with their real friends. Today, we’re introducing Snapchat for Web, a new way for our community to stay connected through our camera when they’re at their computers."
Users simply need to head to web.snapchat.com using Chrome to "start a call or pick up where chats left off on mobile."
The post adds: "Snapchat for Web includes top messaging features like Chat Reactions and Chat Reply, along with Lenses which will roll out soon."
Snapchat for Web is available to Snapchat+ subscribers now in the United States, United Kingdom, and Canada, and Snapchatters across Australia, and New Zealand, with plans to go global soon.