Social news platform Reddit on Sunday said that it had acquired short-video platform Dubsmash, to become the latest company to expand in the short-form videos space dominated by ByteDance’s TikTok.
The financial details of the deal were not disclosed, but a Reddit’s spokeswoman said the acquisition was based on a combination of both cash and stock.
Chinese-owned TikTok’s success has promoted many social media firms to add short-video services having duration from 3 seconds to 1 Minute to 3 minutes on their platforms, with Snapchat Inc. rolling out “Spotlight” on Snapchat in November and Facebook Inc. launching “Instagram Reels” on Instagram, earlier this year.
The acquisition of Dubsmash would give access to its editing and short-video creation tools and users can upload and stream videos, Reddit said in a blog post. Dubsmash would maintain its own platform and brand, it added. Dubsmash’s entire team will be joining Reddit including its Co-Founder Suchit Dash, Jonas Druppel and Tim Specht.
San Francisco-based Reddit is well-known for social news aggregation, web content rating, and discussion website. It gives access to registered users to submit their content on the platform which are then voted up or down by other users.Bytedance