Instagram on Tuesday launched a product designed to directly take on emerging rival Snapchat. The product, called "Stories" appears directly inside Instagram's app.
Snapchat, which was recently valued at $22.7 billion in May, is increasingly seen as a viable threat by Facebook — which owns Instagram — because of how the start-up is increasingly dominating the attention of younger users.
The social media giant tried to buy Snapchat more than three years ago for $3 billion, which CEO Evan Spiegel turned down.
That hasn't ended Facebook's attempts to imitate the company, whose app has become extraordinarily popular among young people for its ephemeral videos.