London, (Business News Report)|| Meta has announced the launch of Facebook Reels, a short video feature, threatening TikTok.
The company said it is launching the short video feature in more than 150 countries, in a move to expand the range of content it describes as its fastest growing.
Meta, the parent company of Facebook and Instagram, announced Instagram Reels in 2020 and Facebook Reels in 2021 in response to the popular short video app TikTok, owned by Chinese technology company ByteDance.
The company’s CEO Mark Zuckerberg explained in a Facebook post, “Reels is already our fastest growing content format by far, and today we’re making it available to everyone on Facebook globally.”
Meta says that video now accounts for half the time people spend on Facebook, and content creators can make more money by expressing new ways through the Reels feature.
Meanwhile, Meta explained that it is expanding its creator rewards program to more countries, and has been testing ads below the site using creator banners and posters to earn ad revenue.
It also mentioned that full-screen ads between Reels videos will be coming soon.
Meta also said it will roll out updates for users to create and see Reels in new places, such as the Stories feature, the Watch tab on the site and at the top of updates notifications.
The 18-year-old social media giant also warned last month that it expects revenue growth to slow in the next quarter due to more competition for users’ time and a shift in sharing toward features like Reels, which generate lower revenue.
Last month, Meta’s Instagram app launched a test of a new paid service that allows content creators to offer exclusive content to subscribers who pay a fee.
Thus, the social network is following in the footsteps of platforms OnlyFans, Substack and Patreon, which launched the same feature first.