Facebook is reportedly working on a stand-alone app to compete with music video app TikTok that recently absorbed Musically.
According to a TechCrunch report on Thursday, Facebook is trying to win over teens with Lasso, an app where users can record themselves dancing and lip-syncing to music.
“It’s basically TikTok/Musically. It’s full-screen, built for teens, fun and funny, and focused on creation. A lot of what they’re doing is just trying to be cool,” a source was quoted by TechCrunch.
The report comes on the heels of Facebook’s new music features that launched on Thursday in which the company added music stickers to its Stories feature and rolled out lyrics to its Lip Sync Live feature that already lives within its own app.
According to a report in The Wall Street Journal earlier this month, the social media giant is “recruiting dozens of financial firms and online merchants” towards its cryptocurrency-based system that would use a digital coin similar to Bitcoin.
The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.
In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is “potentially interested” in putting the Facebook login on the Blockchain technology.
According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps. (IANS)