Instagram is considering the launch of a separate app for its short-form video feature, Reels, to take on TikTok, according to reports.
Its chief Adam Mosseri told staff this week about the potential move, according to technology industry-focused business publications The Information, which cited a person who heard the remarks.
The new app is expected to rival popular video-making app, TikTok which has 170 million US users.
The report added that the Meta-owned company is looking to take advantage of TikTok's uncertain status in the United States, aiming to provide a similar experience to the much-loved app.
In January, US President Donald Trump granted TikTok a 75-day extension to comply with a law signed by then-President Joe Biden that requires a sale or ban of the platform.
The Biden administration had argued that TikTok could be used by China as a tool for spying and political manipulation.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 42-points at 8,710 shortly after opening this morning.
Brent crude oil futures were up 0.25%, trading at $72.10 a barrel.
Companies reporting today
27-Feb | |
|---|
Aviva* | Full Year Results |
Bluefield Solar Income Fund | Half Year Results |
CVS Group* | Half Year Results |
Derwent London | Full Year Results |
Drax Group | Full Year Results |
Genus | Half Year Results |
Greencoat UK Wind | Full Year Results |
Haleon* | Full Year Results |
Hiscox | Full Year Results |
Howden Joinery Group | Full Year Results |
Jupiter Fund Management | Full Year Results |
London Stock Exchange Group* | Full Year Results |
Man Group | Full Year Results |
Metro Bank | Full Year Results |
Ocado* | Full Year Results |
PPHE Hotel Group | Full Year Results |
RHI Magnesita | Full Year Results |
Rolls-Royce* | Full Year Results |
Serco Group | Full Year Results |
Shaftesbury Capital | Full Year Results |
St James's Place | Full Year Results |
Taylor Wimpey* | Full Year Results |
WPP* | Full Year Results |
IMI | Full Year Results |