Facebook is known to fight competition by copying their services, as it did with Snapchat. Lasso also takes full advantage of Facebook's recent music licensing deals with labels and publishers.
"Lasso is a new standalone app for short-form, entertaining videos - from comedy to beauty to fitness and more. We’re excited about the potential here, and we’ll be gathering feedback from people and creators,” came the low key announcement in a tweet from a member of the Lasso product team.
"Lasso makes it easy for anyone to create and share short videos with fun effects. Follow creators, discover popular video trends and join in by putting your own spin on them. Once you've found a type of video that's trending, whether it's #comedy or #fail, you can use the in-app camera to put your own spin on it with special effects, music and editing tools. Add hashtags to your video to share it with the world! You can also add your videos directly to your Facebook story."