Snapchat invented the Stories format for sharing disappearing images and videos. Now the company is indicating, along with Facebook, that the future of social media looks more like TikTok.
In remarks to investors for its quarterly earnings report on Thursday, Snap CEO Evan Spiegel said less time was spent looking at friends’ stories in the app, even though the company had hoped the Story engagement would pick up as pandemic lockdowns eased and people started to leave. their homes anymore. Instead, Snapchat users are increasingly flocking to watch videos on Spotlight, Snapchat’s TikTok rival to view viral videos posted by random creators, and its Discover section for premium shows.
“This is a continuation of the trend we have seen throughout the pandemic, and the posting and viewing of friends’ stories per daily active user has not returned to pre-pandemic levels. “said Spiegel in his comments to investors. “While we hope our community will revert over time to the friend story behaviors we saw before the pandemic, we are focused on innovating our content offerings to better serve our community today.”
While Snap has yet to detail exactly what the changes to its content section will look like, it’s easy to imagine the tab looking more like TikTok by opening up to full-screen videos from Spotlight creators, with the ability to dive deeper into longer Discover shows. Spiegel pointed out that some Spotlight creators already have their own recurring shows in the app, supporting “our vision of Spotlight as a platform where audiences can discover new creators, topics and communities, and then engage more deeply.” with them on Discover”.
Mark Zuckerberg, CEO of Facebook parent company Meta, also identified TikTok as a formidable threat this week. “People have a lot of choices about how they want to spend their time, and apps like TikTok are growing very quickly,” he said during Meta’s fourth quarter earnings call on Wednesday. Unlike Snap, which continues to grow its user base and post better-than-expected revenue growth, Meta disappointed investors with its earnings report this week, wiping out more than $200 billion of its market value in one go. day – breaking the record he had previously set. in 2018.
So, while Snap and Meta’s business performance is disclosed, it’s worth noting that they both see TikTok as competition. Compelling new formats, whether it’s stories or the TikTok video stream, have the potential to quickly distract users. Snap invented a format that is now ubiquitous, but now it and Meta are catching up.