Reddit buys rival Dubsmash from TikTok
Reddit said Sunday that it acquired short-form video sharing platform Dubsmash, becoming the latest company to expand into a space dominated by Chinese-owned TikTok. The financial terms of the deal were not disclosed, but a Reddit spokeswoman said the acquisition was based on a combination of cash and shares.
The success of ByteDance’s TikTok has led many social media companies to add short video services to their platforms, with Snapchat unfolding Highlight in November and Facebook launching Instagram reels at the beginning of this year.
Reddit said in a blog post that the agreement would give its users, who can now upload and stream videos, access to Dubsmash’s short video creation and editing tools.
“Dubsmash will bring two key strengths to Reddit,” the company wrote on the blog. First, Dubsmash’s mission is unique among social platforms and is aligned with Reddit’s own mission to bring community and belonging to everyone in the world. Just as Reddit is a place for content that you won’t see anywhere else on the internet, Dubsmash provides a welcoming platform for creators and users who are underrepresented on social media. ”
“Second, we will integrate Dubsmash’s innovative video creation tools into Reddit, allowing Reddit creators themselves to express themselves in original and authentic ways that are endemic to our communities,” the post added.
The San Francisco-based company added that Dubsmash would maintain its own platform and brand. Reddit added that Dubsmash communities are “powered” by various creators. “About 25 percent of all black teens in the US are on Dubsmash and women make up 70 percent of users.”
The entire Dubsmash team, including co-founders Suchit Dash, Jonas Drüppel, and Tim Specht, will join Reddit.