Meta Platforms Inc (META)

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Instagram Direct, a new service being launched at the mobile photo-sharing platform's NYC event (previous), allows Instagram (FB +3.9%) users to privately send photos and videos to up to 15 users. The photos can be accessed via Instagram's main feed, and are complemented by a group chat feature.
Om Malik previously reported Instagram was prepping a private messaging service. Though much attention is being given to how Direct compares to Snapchat, which Facebook reportedly tried to buy for $3B+, it's arguably more a response to the rise of mobile messaging platforms such as WhatsApp, Kik, Line, and Viber, particularly in international markets.
Those messaging platforms are viewed as a threat to Facebook's mobile engagement rates, particularly as they develop app/services ecosystems around them. WhatsApp alone has 350M+ monthly active users (MAUs); Instagram reached 150M in September, and Facebook proper is at 1.19B.
Direct is also arguably a response to Twitter (TWTR -1.3%), which recently updated its apps to support private photo-sharing, and to place greater emphasis on private messaging in general. Twitter also recently began showing image previews in its Timelines.
Instagram hasn't announced a printing service, as was expected by many.
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