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Noam Galai/Getty Images

Snapchat is launching a new feature that will let users share "Stories" (strings of user-generated or professionally-created photos and videos) outside of its app. The company says the ephemeral nature of its platform is still important, so Stories will only be available off-platform for up to 30 days, depending on the type of content that's shared.

Why it matters: Snapchat rebranded itself as a "camera" company last year, and prides itself on fostering a creative environment that empowers users to create and customize content in a way they wouldn't on other platforms. This effort could be seen as a way for Snapchat make more money off of that original content.

  • The company says its camera function is "one of the most used cameras in the world," with over 3.5 billions Snaps created every single day.
  • As Cheddar's Alex Heath noted when he first reported rumors of the news last month, the company could make money from licensing its content off-platform down the line.

The move mimics the efforts of other platforms to expand content outside of their core app, like Twitter, which made tweets embeddable in 2011.

The Tuesday update will let users share Stories from Snapchat's professional content arm, Discover, as well as Stories from high-profile users (like celebrities) and Stories created by users that can be found through Snapchat's search function.

  • It will work by providing users links to share content when they press and hold on the Stories cover photo, or "tiles."
  • Stories will still only be available off-platform for a limited amount of time, similar to how they on exist on the platform for 24 hours.
    • Our Stories will be available outside of Snapchat for 30 days.
    • Search Stories will be available outside of Snapchat for 30 days
    • Official Stories will be available outside of Snapchat for 24 hours.

The news comes on the heels of a redesign of Snap's app to entice more users to the platform.

  • Snap's revenues have been a disappointment to Wall Street since going public with high expectations in March.
  • Health reported in December that former Storyful CEO and News Corp . executive Rahul Chopra is leading the effort at Snap under a reorganized content team.

According to a Snapchat spokesperson, these types of updates will be particularly helpful in bringing people together outside of the app during breaking news situations.

  • Because user-generated content can be put together very quickly all over the world, Snapchat has become a key tool for users and news organizations to capture the effects of natural disasters or breaking local news in real time.
  • They could also help bring cultural moments to life, like behind-the-scenes footage from celebrities or events around the world.

Go deeper

Republicans gear up for day-of and post-Election Day litigation

Voters wait in line to cast their early ballots Photo: Joe Raedle/Getty Images

Republican Party officials say they're already looking to Pennsylvania, Minnesota and Nevada as likely battlegrounds for post-election lawsuits if the results are close.

The big picture: As pre-election lawsuits draw to a close, and with President Trump running behind Joe Biden in national and many battleground state polls, Republicans are turning their attention to preparations for Election Day and beyond, and potential recounts.

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.