Reddit has acquired the short-video sharing platform Dubsmash. Hence, becoming the latest company to take the market of Chinese-owned TikTok. The deal was not disclosed, however, it is said that the deal was based on a combination of cash and stock.
The success of ByteDance’s TikTok has prompted many social media companies to add the short video feature on their platform. Instagram launched Reels earlier this year and Snapchat launched Spotlight in November.
Reddit said in a blog that the deal would enable their users to create unique, dynamic, interactive content. Dubsmash said it will maintain its own platform and brand, and Reddit is looking forward to bringing both teams together to combine the unique creator experience of Dubsmash with the community growth engine of Reddit.
Dubsmash elevates under-represented creators, while Reddit fosters a sense of community and belonging across thousands of different topics and passions.
It’s clear that our missions closely align and that our community-focused platforms can coexist and grow as we learn from each other.
Dubsmash X Reddit
According to the deal, the entire Dubsmash team will join Reddit, along with its three co-founders: Suchit Dash, Jonas Druppel, and Tim Specht.
Moreover, Reddit will give users on its platform a creative means to upload content. The company will soon integrate Dubsmash’s innovative video creation and editing tools. Also, it will empower Its own creatures to express themselves.
If you don’t know, Dubsmash was introduced as a lip-sync video creation app. It caught the attention back in 2015-2016, allowing users to re-enact their favorite movie scenes, music videos, memes, and more. Since then, the app has transformed into a short-video platform, similar to TikTok.
Reddit added that Dubsmash’s communities are “driven” by diverse creators. “About 25 percent of all Black teens in the US are on Dubsmash, and females represent 70 percent of users.”
To recall you, recently short-video platform Tik-Tok got banned in India along with many other Chinese Apps. Since then, many other companies have tried to fill the gap with their new apps. Such as Zee 5 launched “HiPi”, MX Player launched “Mx Taka Tak”, Chingri and many more.