Three words... "barriers to entry"

After soaring yesterday on the back of an upgrade-fest from Wall Street, Snap shares were down 3% in the pre-market, paring earlier gains, as Bloomberg reports that Facebook adds "Stories" feature to its mobile app, letting people post pictures and videos that disappear after 24 hours.

As Bloomberg reports, Facebook is making a dramatic change to the social network's mobile application, letting people post pictures and videos that disappear after 24 hours. Dramatic, but unsurprising—it's the fourth time the company has added such a feature to its apps. And it's a tool that was invented by its smaller, newly public competitor: Snap Inc., whose Snapchat lets users annotate photos and videos by adding text, drawings, masks and filters and then post them to their "story" or send them to friends. Facebook added the same capability in recent months to its Instagram, WhatsApp and Messenger mobile apps, seeking to capitalize on the popularity of the format to keep people on its properties rather than toggling over to Snap's network. Yet Facebook doesn't shy away from the comparison—and is calling the new version on its main application "Stories," too—just like Snapchat's version.

"This is something that Snapchat has really pioneered," said Conor Hayes, a product manager at Facebook. "Stories has become a format for people to share and consume immersive video and photo across all social apps, and it really differs for them based on the network they have or the way that they use a certain app.'"

Some more details on Stories from the Verge:

The company first introduced a clone of Snapchat stories in August with Instagram, reflecting the company’s belief that camera-based messaging represents the future of social interaction. Facebook Messenger was next, and testing began inside Facebook’s flagship app in January. WhatsApp rolled out a version in February.

As on Snapchat, Facebook stories consist of photos and images that disappear 24 hours after they are posted. You can decorate your posts with text, drawings, stickers, and Snapchat-like animated filters. While the basic suite of creative tools is the same across Facebook’s products, the flagship app’s stories have a few twists of their own. It’s the first Facebook app to get animated face filters, for example, and the company worked with artists Hattie Stewart and Douglas Coupland to design original filters for the app.

Luckily, SNAP is a camera company, so has nothing to worry about...