Instagram Is Working On A Snapchat-like 'Friends Map' Feature: Here's How It Works
Portfolio Pulse from Rounak Jain
Instagram, owned by Meta Platforms Inc. (NASDAQ:META), is developing a 'Friends Map' feature similar to Snap Inc.'s (NYSE:SNAP) 'Snap Map', allowing users to share their location with friends. Discovered by mobile developer Alessandro Paluzzi, this feature aims to enhance user engagement on Instagram amid privacy concerns and competition. The feature includes end-to-end encryption, customizable sharing options, and a 'Ghost Mode'. This development occurs as Meta faces scrutiny over privacy policies and a $3.8 billion lawsuit in the U.K. for data collection practices.
February 26, 2024 | 8:58 am
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NEGATIVE IMPACT
Snap Inc. faces increased competition from Instagram's 'Friends Map', a feature similar to its own 'Snap Map', amid Meta's efforts to enhance Instagram's appeal.
Instagram's introduction of a feature similar to Snap Inc.'s 'Snap Map' could potentially draw users away from Snapchat, negatively impacting Snap's user engagement and growth metrics. This increased competition from a major social media platform could pose a short-term challenge to Snap's stock performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Meta Platforms Inc. is introducing a 'Friends Map' feature on Instagram, aiming to increase user engagement while navigating privacy concerns and legal challenges.
The introduction of the 'Friends Map' feature on Instagram could potentially increase user engagement and time spent on the app, positively impacting Meta's stock in the short term. However, the ongoing privacy concerns and the recent $3.8 billion lawsuit in the U.K. could temper investor enthusiasm, making the overall impact moderately positive.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90