Snap has added a new foe to its growing list of competitors.
The company on Wednesday added TikTok, an up-and-coming social app that is owned by China-based company ByteDance, to the list of companies that it considers to be competitors, according to a company filing with the SEC. TikTok joins a list of Snap competitors that includes top name likes Facebook, YouTube and Twitter, among others.
TikTok is an app that lets users watch and create short videos that are set to popular songs. The app has drawn comparisons to Vine, the once popular video app that was owned and shut down by Twitter.
The app currently ranks No. 3 on the Apple’s U.S. App Store’s list of top free apps, behind only Instagram and YouTube. TikTok, which is known as Douyin in China, has a reported 500 million monthly active users across the globe.
This isn’t the first time a major U.S. social company took notice of TikTok. In November, Facebook released Lasso, an app that copies many of TikTok’s features.
TikTok did not respond to a request for comment.
Source: CNBC
