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Facebook's new live events feature hopes to take on Snapchat

Facebook wants to be part of the conversation around live events. Just in time for Lollapalooza, the social network has rolled out a new live event feed that serves as a single destination for viewing curated public posts, photos, and videos published from the music festival.

The new feature represents Facebook's entry into a growing market catering to behind-the-scenes, real-time looks at live events around the world. Twitter has long thrived on such live events, and the company is focusing even more heavily on events with a major new feature codenamed "Project Lightning." Snapchat's Our Story feature similarly capitalizes on the buzz around events happening in real time. All three seek to connect their users with first-person accounts as they happen, instead of relying on traditional media reports.

Facebook enters growing market to bring live events to your phone

The new Facebook functionality is bundled into another feature called Place Tips that launched earlier this year. Place Tips is designed to surface helpful information and live updates near your location right in your News Feed. Lollapalooza is the first event in Place Tips that users can view remotely, according to The Wall Street Journal.

A spokesperson tells the paper that the new "Lollapalooza experience is just one of the many ways Facebook is trying to help people get the feel of an event when they’re not there." It's just a test feature for now, but expect Facebook to keep tweaking its formula during future live events.