Reddit to buy TikTok rival Dubsmash
Mon Dec 14 2020
Lucy Harlow (3650 articles)

Reddit to buy TikTok rival Dubsmash

Social network firm Reddit said here on Sunday it would buy short-video platform Dubsmash, becoming the latest company to expand in a space dominated by Chinese-owned TikTok.

The financial terms of the deal were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and stock.

The success of ByteDance’s TikTok has prompted many social media companies to add short-video services to their platforms, with Snapchat Inc rolling out “Spotlight” in November and Facebook Inc launching “Instagram Reels” earlier this year.

Reddit said in a blog post that the deal would give its users, who can already upload and stream videos, access to Dubsmash’s editing and short-video creation tools.

 

The San Francisco-based company added that Dubsmash would maintain its own platform and brand.

Dubsmash’s entire team, including co-founders Suchit Dash, Jonas Drüppel and Tim Specht, will join Reddit.

Tags TikTok
Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe