By Zoe Kleinman
Technology reporter

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It was billed as a discussion about TikTok but Web Summit's night-time talk soon turned into a whirlwind brainstorm about the social media industry in general, featuring fast-talking US entrepreneur Gary Vaynerchuk and TikTok vice president Blake Chandlee, a former exec at Facebook.

It's easy to imagine all of these big platforms fiercely competing against each other but actually their real rivals and threats lie further afield.

Mr Chandlee refused to say much about Tiktok's current fight for survival in the US. The firm is having "daily dialogues" with the current administration – which is still under the leadership of Donald Trump – he said.

It was President Trump who issued a stark ultimatum to TikTok's parent company ByteDance earlier this year: allow TikTok to be bought by a US company or face a ban. The deadline has been extended and is now extremely imminent – 4 December.

But even if the politics goes their way, other, more familiar sharks are circling TikTok. Facebook's Instagram Reels, which launched in August, is unapologetically chasing TikTok's winning formula of quirky short-form video, just like its Stories feature targeted Snapchat's.