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Data: Axios research; Table: Andrew Witherspoon/Axios

Snapchat on Monday launched Spotlight, a video tab within its app that, like TikTok, distributes videos based more on how popular they are than on who created them. Facebook in August launched its TikTok competitor, called Reels.

Driving the news: Snapchat's news comes days after Twitter said it would be adding "Fleets," which are basically Snapchat stories for people who tweet. (Nearly every social media app has launched some version of Stories in the past few years.)

The big picture: Tech platforms used to focus on ways to create wildly different products to attract audiences. Today, they all have similar features, and instead differentiate themselves with their philosophies, values and use cases.

  • Instagram launched 10 years ago as a photo-sharing app for artists and design buffs, but now includes everything from live video to shopping to help those creators market and sell their ideas and goods.
  • Snapchat was created as a private messaging app between close friends, but today includes professionally-curated content, games and maps to help close friends develop deeper relationships.
  • Twitter was created as a public ideas platform, but over the years it's made it easier to share images, videos and audio to help users discuss current events.

What to watch: As social media companies adopt similar features, expect them to emphasize how their core values shape their versions of those features.

  • For example, Snapchat was deliberate about making sure Spotlight would be set to private mode by default and wouldn't include public counts of comments, likes or shares.

Go deeper

Jan 28, 2021 - Technology

Big Tech at war over privacy

Illustration: Sarah Grillo/Axios

The world's biggest tech firms are at each other's throats over how to manage data privacy, an issue that will shape the internet economy for years to come.

Why it matters: Absent any U.S. government intervention, tech companies are introducing rules that favor their own ideals and business models, sometimes at their peers' expense.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 39 mins ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.