Google Desperately Tries to Counter Snapchat

Google Desperately Tries to Counter Snapchat

Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google could soon launch "Stamp", a platform that clones the popular "Discover" media tab on Snap's (NYSE: SNAP) Snapchat. A recent Recode report claims that Google will even pay publishers to create content for Stamp, indicating that it's concerned about the social media network's creeping reach into online news.

Google reportedly tried to buy Snap for $30 billion last year. Snap is only worth about $18 billion today and trades below its IPO price due to ongoing concerns about its slowing user growth, widening losses, and intense competition from Facebook's (NASDAQ: FB) Instagram Stories.

Snapchat. Image source: Google Play.

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Source: Fool.com