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Snap places a bet on audioINTL

Snap places a bet on audio

It’s 2021 and Snap’s (SNAP) Snapchat has to be given props for trying to remain relevant in the social media scene. While ByteDance’s TikTok and even Instagram’s Reels have overshadowed the photo-messaging service in recent years, the company’s come out with a partnership with the TV network NBCUniversal.

The new feature will let users receive snaps with snippets from shows and movies like Back to the Future, The Office, and Parks and Rec — while being able to swipe up and immediately be linked to the title’s streaming platform. It might sound like something that TikTok’s already doing but with a few bells and whistles. This comes after Snapchat’s deals with a bunch of recording labels last year and new feature releases like Spotlight (which is basically a TikTok FYP stream). While the partnerships are clearly getting pushed through, it’s dependent on whether users migrate to the platform from rival apps or not.

why it matters

Features like this make it clear that Snap is trying to catch up to new-age platforms like TikTok. While Snapchat’s 500 million monthly active users are higher than before, it pales in comparison to TikTok’s 1 billion. Snap’s stock price closed off yesterday with a 1.3% drop.