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NEW YORK (TheStreet) --Facebook (FB) is launching a new app targeting teenagers called "Lifestage." CNBC's Julia Boorstin joined Wednesday afternoon's "Closing Bell" to report on the new launch from the social media giant.

"Lifestage is a new stand-alone app just for people aged 13 to 21 that allows them to connect with other teens. Its profiles and status updates are entirely composed of videos with an emphasis on Emojis in what appears to be direct competition for Snapchat," Boorstin reported.

The app is available in app stores and does not require the user to have a Facebook account to access its services.

"However, it only becomes unlocked once 20 people at a school join, and if you're older than 22 you're only able to access your own profile," Boorstin explained.

The app's designer, Facebook product Manager Michael Sayman, is just 20 years old himself. Moreover, the app will not be an intended money maker for Facebook as no ads will be added, and the company, at this point, has no plans to implant them.

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