The tool is slated to be released on March 13, Adam Mosseri, the head of Instagram, announced. TikTok has since restored service in the US.

Update: CapCut, Marvel Snap and other ByteDance apps have returned to the US (at least for now). They may still be banned if a sale doesn't go through again but for the meantime you can enjoy CapCut and forget all about Instagram's upcoiming Edits app. The original story continues below.

Meta Platforms (NASDAQ:META) is offering compensation to creators on its Instagram short-video platform to promote the service on other apps, CNBC reported Sunday. The report, which cited details a contract offered to a creator that CNBC saw,

Instagram on Sunday rolled out Edits, a video-editing product that appeared similar to CapCut, which is owned by TikTok’s parent company, ByteDance.

Instagram has launched Edits, a new video-editing suite, claiming it outperforms CapCut, developed by TikTok's ByteDance.

Instagram is making a host of sweeping changes in a bid to attract TikTok users as the future of that app hangs in the balance. TikTok temporarily shut down after the Supreme Court upheld a law that required ByteDance to divest its stake in the company by Jan. 19 or face a national ban.

Instagram head Adam Mosseri just announced a video editing app called Edits. Mosseri said the app is meant to rival CapCut, a video editing app that went offline along with TikTok. Edits is available for preorder on the iOS App Store.

CapCut is a free video-editing platform created, owned and operated by ByteDance. It was launched in the U.S. in 2020. It was the second most downloaded photo and video app in the Apple App Store after Instagram, according to USA Today.

Meta is quietly offering incentives amounting to tens of thousands of dollars a month to get creators with large TikTok audiences to switch to rival platform Reels at Instagram.

Instagram is launching a new app, Edits, that will immediately become a CapCut competitor when it launches next month. You can pre-order the app on the Apple App Store now, with Google Play Store availability to follow.

TikTok was banned and restored within the same weekend. Find out what other apps owned by ByteDance, are in limbo below.

The short-term TikTok ban also included other ByteDance-owned apps and Meta has already seized the opportunity by announcing a new competing app.