Snapchat taking on TikTok with new music features

Snapchat announced that it will allow users to start adding music to their videos, putting it in direct competition with TikTok. Yahoo Finance’s Dan Howley joins Kristin Myers to break down the details.

Video Transcript

KRISTIN MYERS: So Dan, I want to ask you about snapchat because we have been talking a lot about TikTok lately. The name might be up for grabs right now. But Snapchat looks like they might want to be moving into TikTok's territory, correct?

DAN HOWLEY: Yeah, this is basically the same playbook that Facebook ran on Snapchat. Snapchat is going to start allowing music in certain features. And that's basically a way to go after TikTok.

Now, TikTok is still smaller than snapchat in the US. So it's not exactly overtaking it. But they see it as a threat. They want to hold onto users. And I think, you know, it's the same idea, like I said, that Facebook had with Instagram, scooping up some of features they saw on Snapchat and turning it into their own. I think Snapchat sees a younger generation going towards TikTok. And they say, OK, well, we've got to get those features in here to ensure that we can still grab people from that younger generation and hold on.

And I can't believe I'm saying that there's now a generational gap between something like Snapchat and TikTok, but clearly there is.

KRISTIN MYERS: I can't believe it. I don't even have TikTok. I do have Snapchat, however. All right, Dan Howley, thanks so much.

DAN HOWLEY: Thank you.