Facebook has responded to its failed attempt to buy picture messaging service Snapchat by creating its own rival named 'Slingshot', it's been reported.

According to the Financial Times, Facebook began building Slingshot immediately after Snapchat rejected Zuckerberg's $3 billion acquisition offer, and the app could be released as soon as this month.

Sources told the FT that the new app will have a simple UI and restrict interaction down to a minimum to make creation and delivery of videos as simple as possible.

The race to stay relevant

Facebook has been losing ground to Snapchat in the last two years as teens flock in their droves to the self-destructing picture messaging service. Since its inception, Snapchat has sent over 400 million messages.

Slingshot isn't Facebook's first try at a Snapchat-like service. In late 2012 it released 'Poke', which allowed users to take and send short video and picture messages. Its unpopularity saw it removed from the iOS App Store in May this year.

Facebook's need to stay relevant in the face of stiff competition has seen it purchase Instagram, WhatsApp and attempt to buy Snapchat. In all cases, eye watering amounts of money have been thrown around.

Facebook declined to comment on this story.