Snapchat Adds Three Video Editing Features to Stay Competitive
Snapchat, the social networking platform that confounds people over 30, announced the addition of three video editing filters. Called "speed modifiers," these filters let users slow down or speed up a video, or play it in reverse.
Members first shoot a video with the Snapchat app, then swipe right to access the filters. The slo-mo filter is marked by a snail, the fast motion by a rabbit, and the reverse by three left-facing arrows. Update the iOS or Android Snapchat app to gain the filters.
The additions could be an effort by Snapchat to stay competitive with other video-enabled platforms, especially Instagram. MediaPost notes that the filters debuted just one week after Instagram launched a video app called Boomerang that creates one-second-long videos designed for sharing.
Snapchat has quickly grown to be one of the most popular social networks with both users and brands. It currently has over 100 million users streaming 2 billion videos each day.
Along with the upgraded app, however, came an updated terms of service that started a small conflagration online this weekend. The updated terms say that users grant Snapchat the right to use their name, likeness, and voice anywhere with no restrictions. That's a potential breach of trust for a service popularized by disappearing private images.
Snapchat rushed to put out the fire, releasing a statement saying that users retain ownership over their images.
Snap's value tumbled quickly from its IPO high while Facebook continues to eat its lunch, but don't count the social video service out just yet.
The disappearing picture and fun filter company plans to cash in with a valuation of up to $25 billion, but does the still unprofitable Snap have staying power?
Snap Inc. has dropped between $30 million and $40 million on an Israeli augmented reality company, but the real prize might be the company founders.
In a continuation of its 2015 Series F round, Snapchat takes $175 million from Fidelity Investments, bringing its funding total to $1.3 billion.
Facebook and Twitter are making substantial investments to bring more video to their users. Learn how these new video platforms differ from established online video providers.