American social news and content website Reddit on Sunday said that it has acquired a short form video sharing platform, Dubsmash becoming the latest company to extend itself in a place influenced by the Chinese app, TikTok. The financial terms of the deal has not been revealed yet but a spokeswoman for Reddit said the acquisition agreement is made on the basis of cash and stock.
The success of ByteDance’s TikTok has induced many social media companies to add short-video services to their platforms with Snapchat introducing Spotlight in November this year and Facebook introducing Instagram Reels earlier this year.
In a blog post, Reddit said that the contract would give its users access to editing and short-video creation tools of Dubsmash who are already able to upload and stream videos in Dubsmash.
“Dubsmash will bring two key strengths to Reddit. First, Dubsmash’s mission is unique among social platforms, and is aligned with Reddit’s own mission of bringing community and belonging to everyone in the world. Just as Reddit is a place for content you won’t see anywhere else on the Internet, Dubsmash provides a welcoming platform for creators and users who are under-represented in social media,” the company said in a blog post.
“Second, we will integrate Dubsmash’s innovative video creation tools into Reddit, which will empower Reddit’s own creators to express themselves in original and authentic ways that are endemic to our communities,” the post added.
Reddit, the San Francisco-based company further added that Dubsmash would continue with its own platform and brand. The company mentioned further that circles of Dubsmash are driven by diverse creators. Around 25 % of all Black teens are on Dubsmash in the US and 70 % of its users are female.
The entire team of Dubsmash including co-founders Suchit Dash, Jonas Drüppel and Tim Specht will also join Reddit.