Facebook and Snapchat concede that the future of social media is like TikTok
Snapchat invented the Stories format to share disappearing photos and videos. The company is now pointing out with Facebook that the future of social media is similar to TikTok.
In a comment to investors in Thursday’s quarterly earnings report, Snap CEO Evan Spiegel said less time was spent watching friends’ stories in apps. Instead, Snapchat users are increasingly flocking to watch videos on Spotlight, watching Snapchat’s rival TikTok for viral videos posted by random creators, and Discover sections for premium shows.