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Today Facebook made one of its biggest plays yet to build out the services it provides to businesses on its platform: It is acquiring Kustomer, a startup founded with the aim of disrupting the customer services industry with a new approach to providing agents with better data and a more unified picture of users by bringing together the many social media and other channels and longer history between them and the company in question. Kustomer -- co-founded by CEO Brad Birnbaum and Jeremy Suriel (the two worked together across a range of other places, including Airtime and AOL and had sold a previous startup to Salesforce) -- had raised around $174 million in private funding from investors that included Coatue, Tiger Global Management, Battery Ventures, Redpoint Ventures, Cisco Investments, Canaan Partners, Boldstart Ventures and Social Leverage.
To encourage users to create interesting content, Snap will distribute over $1 million every day to top content creators through the end of the year. This seems like a clear bid to steal the spotlight from ByteDance's TikTok, but will it pull users away from the popular short video platform? Why is Snap chasing TikTok?
Snap (NYSE: SNAP) already shares a good amount of DNA with TikTok, but now, it has downright cloned elements of the increasingly popular social media app. The company behind Snapchat introduced a new feature in its flagship app called Spotlight, which provides an endless feed of short videos catered to each user. The format holds a lot of promise for Snap's business and builds on existing behaviors in Snapchat.