Snap won't turn into TikTok, Spiegel says

Snap won't turn into TikTok, CEO Evan Spiegel says

, Snap CEO Evan Spiegel said Wednesday the company plans to double down on its focus on close visual communications between friends and family, rather than turn its entire business into a TikTok-like feed.for trying to pivot Instagram to be more like TikTok. Spiegel argues that for Snap to remain competitive, it needs to focus on what makes it different.

Speaking on stage, he acknowledged the difficulty of that decision, and blamed the war in Ukraine as well as inflation for prompting companies to cut their digital advertising, which in turn led to some of Snap's business challenges. Spiegel said Wednesday that Snap is on track to bring more than half a billion dollars to its content partners and creators this year.Snap has lost nearly 80% of its value this year as growth in the ad industry slows and competition from TikTok increases.

TikTok made small investments that were able to bypass regulatory reviews and then "they spent billions upon billions of dollars of acquiring users, right and buying content to subsidize both sides of that marketplace," he said.

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