DUBLIN, April 27, 2016 /PRNewswire/ --
Facebook is developing a standalone camera app that will allow users to share photos and videos directly to the social network. The app is still in the early stages of development, according to sources with knowledge of the project, but the social media giant is hoping it will encourage users to increase the amount of personal updates and photos they post.
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The growing popularity of social networking applications like Snapchat and Instagram has increased the implementation of camera modules in devices like smartphones and laptops. The market for mobile camera modules is expected to grow at a rate of 15% by 2019. Facebook already owns Instagram and this app will put them in direct competition with Snapchat. It will also offer another platform for Facebook's live-streaming service, which allows users to record video live and share it with their followers or friends.
The camera app will also be used for messaging, as well as sharing photos. The market for social media messaging platforms has been growing year-on-year, and a recent report expects it to reach $27.2 billion by 2022. This is not Facebook's first attempt at releasing an app of this kind. In 2014, it released an app called Slingshot, which let users send temporary messages similar to Snapchat. Before that, there was an app called "Facebook Camera". The company pulled the plug on both of these apps and removed them from the Apple Store after a short period.
The new app would provide a new platform to sell advertising as well. Advertisement spending on social media has grown steadily over the last decade because it allows brands to interact with consumers directly. It has proven to be an effective platform for communication and has led to increased web traffic and brand visibility. The overall social networking market is set to grow at a CAGR of around 18%.
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