Meet Lasso, Facebook's competitor to TikTok

Facebook has quietly launched an app, Lasso, that allows users to create short music videos, similar to the highly popular Chinese app TikTok, The Verge reports.

Why it matters: The social network has struggled to keep teens on their Facebook feeds in 2018, per Pew Research Center, and is trying to stay relevant with younger users. Facebook is famous for building its own version of products that are achieving success with other companies — dating forums, stories, Facebook Portal and now a trendy video app.