Netflix Inc (NASDAQ: NFLX) announced it was rolling out a mobile app feature called Fast Laughs, putting it into competition with TikTok. What Happened: After testing the product for months, according to a report by Bloomberg, customers in the U.S., Canada and U.K. can download Fast Laughs as of Wednesday. The app allows customers to view short video clips from Netflix’s catalog of comedy series, films and stand-up shows and share them with friends over Twitter (NYSE: TWTR); WhatsApp and Instagram, both owned by Facebook, Inc (FB); and Snapchat, owned by Snap Inc (NYSE: SNAP). Customers can also add the clips from the app to their Netflix list to watch later. And, much like in TikTok, after one clip finishes, another clip will automatically begin playing. Why It Matters: This is the first entry into a social media-based product for the streaming giant although, unlike TikTok, customers won’t be able to upload personal videos. Fast Laughs acts as an advertising tool for Netflix because customers can save and share clips from movies they may not have already seen without having to commit to watching the entire show at that time. What’s Next: Despite increasing competition from streaming services such as Apple Inc (NASDAQ: AAPL), Walt Disney Co (NYSE: DIS) and Fubotv Inc (NYSE: FUBO), Netflix reported that it had gained 8.8 million paid net subscribers for fourth-quarter 2020. The Fast Laughs app could give it the advantage to continue its trajectory. While currently only available for iPhone, Netflix plans to begin testing the app on Android devices soon. (Photo: Ramona Young in Netflix’s “Never Have I Ever.” photo IMDb) See more from BenzingaClick here for options trades from BenzingaExxon Mobil Unveils 5-Year Plan To Meet Climate Change Goals, Increase Shareholder ValueZynga Acquires Echtra Games To Expand Cross-Platform Technology© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.