Importantly, Twitter could allow advertisers to place sponsored content among the user-tweeted photos and videos it collects for the expanded Moments feature. On Snapchat, one way advertisers can reach users is through short videos that are tacked onto the end of Stories and scattered throughout Discover content. Launching a similar video feature could let Twitter attract more advertising for itself.

Whether the feature will actually be rolled out and when is up in the air as of now and CNBC's sources who've seen demonstrations of it said that it appeared to be early in its development process.

Twitter has had an ever-greater focus on video over the past year. The platform has hosted more and more live sports content as well as shows and local news.