Social media company Reddit said Sunday it will buy short video platform Dubsmash, becoming the latest company to expand into the market dominated by Chinese platform TikTok, the terms of the full deal were not revealed, but Reddit says the deal will be made in cash and in stock.
As the great success of ByteDance’s TikTok platform prompted many social media companies to add short video recording services to their platforms, as did Snapchat by adding the “Spotlight” service in November and Facebook’s launch of the “Instagram Reels” service at the beginning of this year.
According to Reddit’s statements, the deal will provide the users with access to Dubsmash’s short video editing and creation tools, knowing that they can already broadcast and publish videos via Reddit.
Founded in 2013, Dubsmash has grown to be a platform for creating lip-sync short videos, which are used to imitate movie dialogues or audio clips and then share them with other users on the platform.
The Dubsmash mobile app has been downloaded 196.8 million times worldwide since its launch date. As a comparison, the TikTok app has been downloaded 2.6 billion times on mobile phones since its launch date. Reddit added that Dubsmash will retain its own platform and brand and its entire staff will join. Its co-founders include Suchit Dash, Jonas Drubel and Tim Specht.