Facebook Inc (NASDAQ:FB) has made the headlines today regarding its latest app – Slingshot that is expected to be released in the nearest future. Seen as a rival product developed to disrupt SnapChat humungous user base, this is a video app which will see the light of the day, any time next month.
During a recent intervention at CNBC, Jon Steinberg, BuzzFeed website President and COO, together with Jon Fortt provided an insight on Facebook Inc (NASDAQ:FB)’s ‘product chase,’ like the $3 billion offer for SnapChat which was turned down by the makers of the popular app, as well as the new application that will supposedly compete with it.
“They have to go after this anonymous disappearing secret space, they cannot be left out if it. They got messaging with WhatsApp. This is like being a television network in the 1990s and not having a reality show,” Steinberg said.
According to Steinberg, the future for Facebook Inc (NASDAQ:FB) is in being able to provide and carry-on features and products which will meet the current generations technology-and-entertainment thirst.
As he explains, SnapChat has currently undergone so many changes, which are a bit hard to get, and according to him, Snapchat is more oriented towards a younger base, with the recent changes.
There were detractors to this opinion that, traditionally, Facebook Inc (NASDAQ:FB) has failed to ‘chase’ after successful products. The debacle with SnapChat was one of the more defining incidents. Now, with a drop in SnapChat’s valuation, Facebook could take another attempt to acquire it. However, Jon Fortt stated that SnapChat is “not the bargain that Instagram was.” Moreover, Snapchat is still playing hard to get.
The full video can be watched below: