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Snap falls after report Twitter is the latest competitor to copy Snapchat

Snapchat app

People familiar with the matter said that the new Twitter update will make it easier for users post videos on the app.

Twitter hasn't commented on the report and it's unclear right now if and when these changes will go live.

But the company has promised, more generally, to do what it can to attract and keep users.

After recently unveiling a fresh look, video messaging app Snapchat has announced it will allow users to share its public content beyond the mobile app. It's unclear whether this would be a standalone product or part of the Twitter app. While this means more views for users' content, it also brings new eyes to Snapchat, as people without the app can view photos and videos.

Posting videos or pictures to Twitter involves opening the app, clicking on the compose button and then the camera button, taking the video or picture, and then clicking tweet. Bloomberg's report stated that Twitter's goal with the new product is to cut down the number of steps to start sharing videos. This follows CEO Jack Dorsey's idea to make Twitter a platform for "what's happening now".

Late previous year, Dorsey said in a conference call with investors that the San Francisco-based company is 'focused on making our service faster, easier to use, and more relevant to people every day'. This new feature will be introduced alongside the roll-out of the application's major redesign. The introduction of live video, revamped timelines and changes made to the explore feature all occurred with Dorsey running the show.

Twitter has been facing increasing pressure from investors and industry watchers who say the app has been losing users to other popular apps like Facebook, Instagram and Snapchat.

Facebook has brazenly copied feature after feature from Snapchat, most notably its Stories tool, which lets users upload photos and videos that last for up to 24 hours before disappearing.