I agree, I think it will, at least somewhat, impact snapchat because the products are similar.

I'm sure that was the aim here, to create a product that took inspiration from snapchat. Given that it's one of the most popular apps out there with an insane amount of users, and we know that facebook already tried to buy it. I'm sure they didn't want to copy it outright, but if they can integrate some of it's features into their existing products, they may be able to steal some users.