Facebook (FB) Looks to Make Snapchat Rival

Facebook (Nasdaq: FB) is looking to make an app to rival Snapchat in an effort create a stronger teenager user base.

The Financial Times reported the Facebook's alternative to the photo-sharing app is tentatively named Slingshot.. The company has been working on the project for several months.

Facebook's move comes after the company made a failed, $3 billion bid to acquire Snapchat in late 2013.

Slingshot could be released this month, though Facebook might still opt to not release the app anytime soon or at all.

One of the biggest challenges facing Facebook is the onslaught of simple messaging apps like, KakaoTalk, Line, and WeChat. Facebook will need to keep introducing new products that are either acquired or produced organically in order to keep engagement high with teenagers.

Slingshot operates like TapTalk, which is a video-messaging app that allows users to hold a contacts profile photo to sent and short video or photo. That content would only be able to be viewed once by the recipient.

Shares of Facebook are lower target Monday.

You May Also Be Interested In

• Energy Fuels to acquire rare earth magnet maker VAC for $1.9 billion
• NVE Corporation names new CEO and expands board to seven members
• ROMA Green Finance signs $15M letter of intent for 5% stake in NXTGrid