Instagram Adds Face Filters, Closing In On Snapchat's Platform

Shares of Snap Inc. were down 1.3% Tuesday as Facebook Inc. introduced yet another Snapchat-like feature for Instagram. Instagram now has eight "face filters" in which users can overlay effects such as koala ears or a crown on photos or videos. The finished product can be sent through Instagram Direct messaging or into an Instagram Story. Facebook and Instagram have been adding more and more features that look similar to Snapchat, including its Instagram Stories, which have surpassed Snap's 166 million daily active users. Responding to analyst concerns about the competition, Evan Spiegel, chief executive of Snap, said on its recent earnings call that he is not surprised that "others" have copied the platform, but he believes the company's creativity sets it apart. Shares of Snap have fallen 9% month-to-date, while the S&P 500 has gained 1%.