Snapchat shares are sinking after Instagram unveiled yet another copycat feature

 
Emma Haslett
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Instagram's new filters allow users to make jazzy additions to their photographs (Source: Instagram)

More bad news for Snap, the recently-floated company behind Snapchat, whose shares sank in pre-market trading today after its arch-nemesis copied yet another one of its most iconic features.

Instagram, which is owned by Facebook, tweeted today that it will allow users to add "filters" to their posts - a feature which has helped differentiate Snapchat from its rivals, despite their attempts to encroach on its territory.

Shares in Snap sank 1.3 per cent to $20.48 at the bell in New York, wiping out some of the gains it has made since last week, when shares were sent into a downward spiral after it published disappointing first-quarter results.

The company's shares popped when it launched its IPO at the beginning of March, jumping more than 40 per cent on the first day of trading.

Look familiar? Snapchat's lenses (Source: Snapchat)

Copycats

This isn't the first time Instagram has looked to Snapchat for inspiration: last year it launched Stories, allowing users to share videos and photographs of their day which disappear after 24 hours.

During an investor call last week, chief executive Evan Spiegel seemed fairly philosophical about Instagram's copycat behaviour. He said:

I think the bottom line is, like, if you want to be a creative company you've got to get comfortable with and basically enjoy the fact that people are going to copy your products if you make great stuff.

Last week Snapchat launched a new feature, World Lenses, which allows users to add the selfie filters Instagram has copied to any image.

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