Online discussion forum Reddit on Monday gave a sneak preview of a Clubhouse-like feature that will allow members of its forum to host live audio conversations.
What Happened: The new audio feature, named Reddit Talk, is still under work but Reddit has invited the members of its communities to sign up for the waitlist in order to try out the feature.
Reddit Talk is currently in an early testing period during which only a community’s moderator will be able to start a live talk and non-moderator level Redditors can listen in via an Android or iOS device.
See Also: Clubhouse Said To Get $4B Valuation In Latest Funding As Rivals Inch Closer
The San Francisco-based audio-chat startup Clubhouse, which was launched last year, has gained popularity after securing endorsements and appearances from celebrities such as Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and Facebook Inc’s (NASDAQ: FB) Mark Zuckerburg. It is currently available only on iOS.
Why It Matters: Reddit wants to cash in on the red-hot audio-chat feature trend that has off-late caught on investor attention following Clubhouse’s sudden rise to fame. More established rivals are trying out Clubhouse-like audio features on their platform.
Facebook on Monday revealed it is building a series of audio-focused products that will bring a wider aural component to the social media company’s platform.
Twitter Inc (NASDAQ: TWTR), which held unsuccessful acquisition talks with Clubhouse, is testing out Spaces. Microsoft Corp-owned (NASDAQ: MSFT) LinkedIn and Slack Technologies Inc (NASDAQ: WORK) too are looking to captialize on the trend.
Reddit has grown in popularity this year with a community on its platform — r/WallStreetBets — conducting short squeeze in shares of stocks with high short interest like GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc. (NYSE: AMC).
Price Action: Shares of Facebook closed 1.29% lower at $302.24 on Monday.
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Photo: Courtesy Of Reddit
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