"We are running a small scale test and the concept is in the early stages right now," the spokesperson said in a statement. Divided into categories like "For You", "Animals", "Fails" and "Pranks", it will be a special feed of funny videos and GIF-like clips.
"'LOL' is currently in private beta with around 100 high school students who signed non-disclosure agreements with parental consent to do focus groups and one-on-one testing with Facebook staff," said the report.
Facebook-owned photo-sharing app Instagram is very popular among teenagers.
The company last year launched a short-form video app called "Lasso" but the app hasn't gained much popularity.
According to the report, Facebook is yet to decide if "LOL" will become a stand-alone app or be available in the main app
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