U.S. markets closed
  • S&P 500

    3,298.46
    +51.87 (+1.60%)
     
  • Dow 30

    27,173.96
    +358.56 (+1.34%)
     
  • Nasdaq

    10,913.56
    +241.26 (+2.26%)
     
  • Russell 2000

    1,474.91
    +23.09 (+1.59%)
     
  • Crude Oil

    40.25
    -0.06 (-0.15%)
     
  • Gold

    1,864.30
    -12.60 (-0.67%)
     
  • Silver

    23.09
    -0.10 (-0.44%)
     
  • EUR/USD

    1.1637
    -0.0038 (-0.33%)
     
  • 10-Yr Bond

    0.6590
    -0.0070 (-1.05%)
     
  • GBP/USD

    1.2744
    -0.0007 (-0.06%)
     
  • USD/JPY

    105.5000
    +0.0980 (+0.09%)
     
  • BTC-USD

    10,729.93
    -5.43 (-0.05%)
     
  • CMC Crypto 200

    230.19
    +12.36 (+5.67%)
     
  • FTSE 100

    5,842.67
    +19.89 (+0.34%)
     
  • Nikkei 225

    23,204.62
    +116.82 (+0.51%)
     

Facebook launches 'Instagram Reels' to rival TikTok

Yahoo Finance's Dan Howley and Kristin Myers break down how Facebook's Instagram is taking on TikTok.

Video Transcript

KRISTIN MYERS: But before we let you go, Dan, we've been talking a lot about TikTok. So tell me what Instagram has up its sleeve.

DAN HOWLEY: Basically, TikTok.

[LAUGHTER]

What they want here, they've more or less done exactly what they're known for at this point. Exactly what antitrust investigators are looking at them for and that's directly copying competitors to try to quash them. You look at something like Instagram stories, that was stolen directly from Snapchat in an effort to crush Snapchat because Evan Spiegel, Snapchat CEO, wouldn't acquiesce to Mark Zuckerberg's demands for them to be sold.

So now what we have is a TikTok clone in Instagram called Instagram Reels. It will give you the ability to make 15-second videos, add music to them, maybe you'll lip sync just like you do on TikTok, or kids do. I don't do this myself, but the idea here is to really just become a new TikTok clone.

And I think when the investigators look at Facebook, this is not going to look very good for them, especially when they went in front of Congress and said, look, yeah, we definitely copy our competitors just because we need to stay ahead. But the idea here is to fully crush TikTok. Facebook is playing up the China angle for some time. So it'll be interesting to see what the ultimate outcome is when these investigations come forward.

KRISTIN MYERS: All right, thanks so much, Dan.