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Screenshot of TicToc's homepage on Bloomberg.

Bloomberg's TicToc, the 24/7 news network on Twitter, is launching an owned and operated digital video platform today, Axios has learned.

Why it matters: While Twitter is still core to TicToc, the launch serves as a big step for the venture to develop its own brand outside of the social platform.

Details: The new site, at www.TicToc.video, will be designed to function almost like a Spotify for news video. It's mobile-first and includes a feed-like interface that feels like a mobile app.

  • The videos, less than 1 minute each, can be experienced with or without sound and will use a variety of formats (like data, text and images) to tell news stories in a way that's compelling and efficient for a mobile news consumer who wants to be able to quickly scan videos for relevant information.
  • It's hoping that the next generation of news consumers that are drawn to its pithy format will discover its original content beyond their social feed directly on TicToc's site, now that it's developed some brand recognition.

The big picture: Brands that launched on social media are shifting to new platforms or channels offering a wider audience and an opportunity to experiment with new forms of monetization.

  • NBC expanded its Snapchat show "Stay Tuned" to Instagram and YouTube, last year. The show will air twice daily on Instagram Stories shortly after they post to Snapchat.
  • NowThis, which was born as a social media publisher mostly through Facebook, relaunched its website in 2018, after shuttering it in 2015 to go all-in on social platforms directly.
  • Vertical Networks, Elisabeth Murdoch's digital media company, started out producing shows for social media companies, like Snapchat and Facebook, before expanding to production for TV shows and books.

Our thought bubble: For some media brands born on social, audio or video platforms, standalone websites aren't always considered the primary point of monetization (like The Ringer). Instead, they've essentially become marketing vehicles.

Go deeper: Bloomberg expects eight figures for new Twitter network

Go deeper

59 mins ago - World

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison said Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."

Progressives to file resolution to strip Boebert's committee seats

Rep. Lauren Boebert walking through the Senate side of the U.S. Capitol earlier this month. Photo: Drew Angerer/Getty Images

House progressives are planning to introduce a resolution on Wednesday to strip Rep. Lauren Boebert (R-Colo.) of her committee assignments, according to a Democratic aide familiar with the matter.

Why it matters: The move, which was first reported by the Washington Post, comes as progressives — anxious to see the right-wing firebrand face retribution for her recent comments — have grown frustrated by Democratic leadership's inaction on the issue.

Roger Stone won't cooperate with Jan. 6 panel

Longtime Trump confidante Roger Stone speaking in front of the Supreme Court on Jan. 5 in Washington, D.C. Photo: Tasos Katopodis/Getty Images

Longtime Trump confidante Roger Stone won't cooperate with the House select committee investigating the Jan. 6 Capitol riot and will invoke the Fifth Amendment right not to testify, his attorney said Tuesday evening.

Why it matters: The announcement, first reported by ABC News, came hours after former White House chief of staff Mark Meadows said he wouldn't cooperate with the probe.