TikTok video-sharing social networking business model seems to now have major competition, as Facebook rivals TikTok. Recently Facebook started its own version of the app in the US and in 50 other countries on Wednesday.
The popular Instagram app now has a feature known as Reels which is embedded with a new short-form video service for users. In addition, the new feature – Reels, allows users to create 15-second clips, like TikTok, and share them publicly or with friends within the platform.
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As Facebook rivals Tiktok, it is obvious that these are trying times for TikTok as they’re facing a lot of scrutiny and allegations in the United States. So, this new feature – Reels, on Instagram, seems to be taken advantage of the uncertainties hovering around TikTok. More so, this is coming a few days after the tech giant, Microsoft began talks regarding TikTok US operations acquisition from China’s ByteDance.
In a bid to bow under pressure from the US Government, the parent company of TikTok, ByteDance, agreed to divest parts of TikTok, just to avoid the ban that the Trump administration threatened.
The launch of this new feature – Reels, brings about a bloodbath competition between Facebook and TikTok. Clearly, both social media giants are looking for ways to attract the US market, especially as regards short-video networking.
Where Was Reels First Tested
Reels was first tested in the same place where the WhatsApp Pay platform was first tested – Brazil in 2018. However, they further spread their tentacles to France, Germany, and India.
It will amaze you to know that, India was TikTok’s biggest market until it was banned by the Indian government last month, due to a border dispute with the Chinese government. Recall that Facebook also tested the market with a standalone app called Lasso, but the market approach to the product was lukewarm.
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How Facebook Knocked Snapchat Off The Market
Facebook’s best and winning approach to competitors has always been that of cloning and embedding features, rather than starting a separate social media app to out-compete the virals. Recall, when Facebook added the stories feature like that of the Snapchat, and then knocked out Snapchat and became a monopoly of the market.
The similarities between the 2 firms have led the Chief Executive Officer of TikTok, Kevin Mayer, to refer to Facebook’s Reel as a copycat product that will make use of Instagram’s enormous existing user base after their other copycat service, Lasso, failed quickly.
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Vishal Shah, the vice president of products at Instagram also admitted to reporters on Tuesday, that there are similarities via a video conference call. According to the company, Reels gives people new ways to express themselves as well as discover more of what they love on Instagram and help anyone with the ambition of becoming a creator take centre stage in the virtual space.
Indeed Facebook has shown us that vulnerability can be a major tool and strategy to knock off a competitor.
As entrepreneurs and great readers of Entrepreneurs.ng, do you think this is unethical? More so, what’s your thought about this, especially as regards beating a competitor in the game? Please share your thoughts in the comments.
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