Snapchat and Facebook agree that the future of social media looks like TikTok

Illustration by Alex Castro / The Verge Snapchat invented the Stories format of sharing pictures and videos that disappear. Now the company is indicating, along with Facebook, that the future of social media looks more like TikTok. In remarks to investors for its quarterly earnings report on Thursday, Snap CEO Evan Spiegel said that less time is being spent watching Stories from friends in the app, even though the company had hoped Stories engagement would pick up as pandemic lockdowns eased and people started leaving their houses more. Instead, Snapchat users are increasingly flocking to watch videos on Spotlight, Snapchat’s TikTok rival for viewing viral videos posted by random creators, and its Discover section for premium shows. “This is a continuation of the trend we have... Continue reading…
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