Instagram wants to be more like TikTok. TikTok is extending the length of its videos to be more like YouTube. Roku seems to be following the Netflix playbook and investing in the original video.
“Although it’s still commonplace for consumers and industry execs alike to consider cable and streaming video services as ‘TV,’ and platforms such as TikTok, Facebook, and Instagram as ‘social media,’ they’re one and the same,” said Kirby Grines, founder and CEO of 43Twenty, a strategic advisory and digital marketing firm focused on the streaming video industry. “These binary labels are increasingly becoming antiquated every day.”
“We’re no longer a photo-sharing app or a square photo-sharing app,” Instagram Chief Executive Officer Adam Mosseri said in a June 30 video. “There’s some really serious competition right now. TikTok is huge, YouTube is even bigger, and there’s lots of other upstarts as well. People are looking to Instagram to be entertained. There’s stiff competition, there’s more to do, and we have to embrace that.”
We are officially in the streaming wars, and it remains to see that who ultimately takes the crown by staying in the lead. It is indeed one of the biggest topics that people are interested in. The big shot companies are always competing with each other, and this ultimately leads to the technology development that we are seeing.
“If you have 10 competitors constraining you, competitors who could steal your customers, you’re less worried as a regulator than if there are just two or three,” he said. So we have to wait and watch where this goes. We are all rooting for our favorite, obviously.