Recently, there has been news about Facebook planning to launch a similar app like TikTok. And the giant social media company has been eyeing on that kind of feature since the struggles faced by TikTok.
According to the reports, Facebook will release the new update on Instagram to be called Reels, in early August. Reels have a similar feature of TikTok, where users can also film a short video, add effects, and background music.
Reels can offer a great competition with the struggling app since many countries have been looking for the short-video app to be banned because of security issues. India already banned the app alongside other Chinese apps, while the U.S and Japan are still deliberating about it.
The users that might TikTok lose is about 45.4 million if the U.S if the Trump government pursue the decision. The company has already lost 500 million users from India and 150,000 from Hong Kong.
With these challenges faced by TikTok, it is the best opportunity for Facebook to compete using Reels. However, Facebook has been moving fast. It is reported that the company has been luring Tiktok influencers to try out Reels.
Based on the Wallstreet Journal's report, Facebook is offering handsome offers for influencers. They are targeting those who already have millions of followers.
Creators were asked to post their content on Reels in exchange for a payment for video production. However, there is an agreement to be signed to not disclose the offer to the public.
But the truth will always be revealed somehow. And recently, Facebook and other big companies were being investigated about the antitrust
On the antitrust trial, the Facebook CEO, Mark Zuckerburg, admitted that they copied features of other apps. Discussed as well in the hearing is the acquisition of the company to Instagram in the year 2012.
Both companies are on the hot seat and struggling to explain their sides to the government and the public. Bytedance, owner of TikTok have already explained that the national security concern has nothing to do with them. Bytedance assured that the users' data are not collected to alter other country's security and privacy.