Snap Inc‘s SNAP CEO, Evan Spiegel, has taken a playful jab at Meta Platforms Inc. META for its history of mimicking Snapchat’s features in a way that seems to mock the social media giant.
What Happened: Spiegel updated his LinkedIn profile that now read, “Loving husband, father of four boys, VP Product @ Meta,” indicates a Fortune report. This update is widely interpreted as a swipe at Meta’s penchant for copying Snapchat’s features.
Despite Mark Zuckerberg‘s $3 billion acquisition offer in 2013, Spiegel has staunchly upheld Snap’s independence. Meta, in turn, has launched features remarkably similar to Snapchat’s, including Instagram Stories, disappearing direct messages, and face-distorting filters.
Spiegel, in a 2018 conference, shared mixed feelings about Meta’s imitation, stating, “It was the best feeling to design something that is so simple and so elegant that the only thing competitors can do is copy it exactly.”
He also humorously suggested that Meta should replicate Snapchat’s data protection practices.
SEE ALSO: Meta Stock Soars, But Zuckerberg’s Cashing In – Should Investors Worry?
Why It Matters: A CNBC report in Jan indicated that Meta is providing incentives to creators to advertise Instagram on competing short-form video platforms like TikTok, Snapchat, and YouTube to gain a larger share. This move highlights the intense competition in the social media space, as platforms battle for the attention of millions of users while TikTok’s future remains uncertain.
Meanwhile, Snap has been grappling with its own challenges. Despite reporting a fourth-quarter earnings beat, Snap’s shares fell as analysts expressed concerns over ad growth and higher expenses.
Last week, Meta announced its fourth-quarter results, surpassing expectations for both revenue and earnings, while reaffirming its commitment to significant AI-related investments.
Snap has a much smaller user base when compared to Meta, but it has posted impressive growth for the fourth quarter. Meta’s Family Daily Active People (DAP) grew 5.5% year-on-year to 3.35 billion, while Snap’s Daily Active Users increased 9% year-over-year to 453 million.
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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