Info-tech

Reddit to buy TikTok rival Dubsmash

Reuters December 14 | Updated on December 14, 2020

Social network firm Reddit said 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 rolling out ‘Spotlight’ in November and Facebook 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 DrŶppel and Tim Specht, will join Reddit.

Published on December 14, 2020

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