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Facebook Developing Rival to Snapchat Video Sharing Service

Facebook is reported to be working on its own version of the popular Snapchat service, after its attempt to buy the company was rebuffed by its owners.

The rival service, apparently called Slingshot is being overseen directly by Facebook’s CEO, Mark Zuckerberg.

Citing people familiar with the plans, the Financial Times said that a “simple and speedy interface” is a crucial component of the app, which will let users send short video messages through several taps on their mobile device’s screen.

Apps offering short video clips are a fast growing market, with public sharing services such as Twitter’s Vine, and the self-destructing videos from Snapchat.

Snapchat was reported recently to have turned down a USD3 billion takeover bid from Facebook, which is what then sparked the company to develop its own platform.

Facebook had tried to develop its own version, known as Poke, but that foundered and was removed from the service recently.

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