Facebook is now testing a Stories feature, similar to the one present on Snapchat, on its mobile application on iOS and Android.
Facebook Stories is modeled after both Instagram Stories and Snapchat Stories. The Wall Street Journal reported that General Motors, which had spent about $40 million on Facebook marketing every year, decided that its ads weren't reaching customers, and announced plans to pull them. (Instagram C.E.O. Kevin Systrom has been forthright about ripping the feature, telling TechCrunch in April, "They deserve all the credit.") Now, sources tell TechCrunch, Instagram's own version of Stories is having a major impact. Instagram has over 600 million users, and in August, launched "Stories", a section of the app that nearly completely mimics Snapchat's own "Stories" section. The report claims that Snapchat Stories saw a decrease of 15-40% following the launch of Instagram Stories which really is quite substantial. When Facebook acquired Instagram in 2012, the platform gradually began imitating the parent company and in the process stole some elements from rival Snapchat.
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According to an August poll by comparison app Wishbone, 43 percent of over 30,000 people surveyed said they would delete Snapchat if Instagram adds filters to its Stories feature. Auto-advance may have been juicing some of the numbers-you could easily skip through less-interesting Stories you didn't care about, and now you might just avoid clicking those stories entirely-but it also made for a smoother user experience. Snapchat on the other hand is seeing fewer social media influencers, including celebrities, posting on its platform.
Conversely, investors may like to know what Snapchat's addressable market is.
Facebook will be implementing a Snapchat-like Stories feature on its news feed and releasing it this year.