US-based popular content website, Reddit has acquired Dubsmash, a New York-based video-sharing social media application, becoming the latest company to expand in a TikTok dominated space.
The amount of transaction is not yet revealed, but a Reddit spokeswoman said that the purchase was centered on a combination of cash and stock.
The popularity of China-based ByteDance-owned TikTok has inspired many social media firms to add short-video services to their platforms. As a result, Snapchat added Spotlight in November and Facebook released Instagram Reels earlier this year.
Reddit said, “The deal would give its users, who can already upload and stream videos, access to Dubsmash’s editing and short-video creation tools.”
“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 wrote in the blog.
“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,” included in the blog post.
The San Francisco-based company said that Dubsmash will retain its own platform and brand. Also, the firm added the Dubsmash’s communities are “led” by different creators. The entire team of Dubsmash, including its co-founders Suchit Dash, Jonas Drüppel, and Tim Specht will join Reddit.
Dubsmash is a New York-based video-sharing social media service application for iOS and Android. It allows the users to create videos that are dubbed over with audio from songs, movies, TV shows, and internet trends. The users can upload their own audio and can add color filters and text animation to their recordings.