Digital News: August 7, 2020
Instagram Launches Reels, Its Attempt to Keep You Off TikTok (The Verge)
With TikTok’s future uncertain, Instagram is hoping to lure some creators away with the rollout of a direct competitor, Reels, which is launching in more than 50 countries today, including the US, UK, Japan, and Australia, on both iOS and Android.
Similar to TikTok, Reels lets people create short-form videos set to music that can be shared with friends and followers and discovered while browsing the app. It’s the newest opportunity for Instagram to bring in users, increase the amount of time people spend in the app every day, and establish itself as a video entertainment platform. Read more: https://bit.ly/30BMER1
TikTok Valued at Around $30 Billion, as Microsoft Evaluates Takeover Offer (Social Media Today)
How much is TikTok actually worth? Some estimates have put the app at close to $50 billion, given its meteoric growth and large user base. Official predictions suggest that Microsoft, or any other suitor, will need to pony up between $10b and $30b to purchase the short-form video app - and for comparison, Instagram is reportedly worth around $100 billion.
It stands to reason that TikTok could be worth around half of Instagram's price - but then again, that depends on what exactly they would be getting for that price. Read more: https://bit.ly/30DxhaR
President Trump is Trying to Ban WeChat, the Wildly Popular Messaging App that People in China Can't Live Without. Here's Everything to Know About the App. (Business Insider)
President Trump is continuing his assault on Chinese-owned tech with a new executive order targeting WeChat, the massively popular messaging app that drives daily life in China owned by Tencent.
Trump issued an executive order on Thursday citing national security concerns that is set to go into effect in 45 days. The order would prohibit any transactions related to WeChat by any person — or involving any property — that's under the jurisdiction of the United States. Read more: https://bit.ly/3kpd00n
Snapchat to Take on TikTok with a New Music-Powered Feature Rolling out this Fall (TechCrunch)
Snapchat is taking aim at TikTok . The company announced today it will begin testing a new feature that lets Snapchat users set their Snaps to music, similar to TikTok’s app. The feature may allow Snapchat to capitalize on the fracturing of the TikTok audience, who have been exploring alternative apps as the Trump administration weighs a ban on Chinese tech companies over data privacy concerns.
Already, apps like Byte, Triller, Dubsmash, Likee and others have climbed the app stores’ charts as TikTok users hedged their bets. Instagram also launched a music-powered feature called Reels to cater to the TikTok crowd. Read more: https://tcrn.ch/33BlfAE