Facebook is looking to monetize its social network for its social news feed and video sharing app, Bamboo.
The company, which has been making efforts to create more organic content and engage more users, is also pushing back on the idea that its competitors have failed to monetise their social media.
The social network has long relied on advertising revenue and ad impressions to fund itself, but its advertising revenue from the likes of Vine, YouTube and Twitter have dwindled.
Facebook has also been slow to expand its user base, as it has yet to build out its own photo sharing app.
The new Bamboo product will include a mobile app and video service, which will compete with Snapchat and Instagram, which have a sizable user base and large audiences, respectively.
A Facebook spokesperson declined to comment on the company’s plans for the new Basket service.
Facebook also announced a new app for its photo sharing service called Basket Photo, which is aimed at targeting users from the US, UK, Ireland, Australia and Germany.
The company is also launching a new video service called Snap, which it says will allow people from around the world to watch videos on Facebook without having to have an account on the social network.
Facebook has been testing Basket Video and Snap since last year, and it recently opened a new partnership with the video service’s founders, Instagram CEO Kevin Systrom and Bamboo CEO Matthew Goss.
Snapchat launched its own video service earlier this year, but it has struggled to monetarily make a dent in its video user base.