The social network Reddit announced on Sunday (December 13) that it will buy the Dubsmash short video platform. It is another company that is trying to replicate the success of the Chinese video sharing application TikTok. The financial terms of the transaction were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and shares.
The success of TikTok, the daughter of Chinese company ByteDance, has prompted many social media companies to add a short video sharing service to their platforms. Snapchat, for example, launched “Spotlight” in November, and Facebook launched “Instagram Reels” earlier this year.
Reddit said in a blog post that the agreement will give its users, who can already upload and stream videos, access Dubsmash tools for editing and creating short videos.
The San Francisco-based company added that Dubsmash will retain its own platform and brand. The entire Dubsmash team, including co-founders Suchit Dash, Jonas Drüpel and Tim Specht, will join Reddit.
According to Reddit,
“Approximately 30% of Dubsmash users publish the video every day. The statement does not say how many users it has.”
Let us see how Reddit wins the hearts of youngsters with its next big internet move.
Travis M. Andrews is a features writer for The Washington Post. He joined The Post in 2016 as a reporter for Morning Mix. He was previously a travel and culture editor for Southern Living magazine, a contributing pop culture reporter for Mashable and the Week, and a contributing editor for the Syfy blog Dvice. He also has freelanced for magazines, including Esquire, GQ and Time. He is the author of the coming book “Because He’s Jeff Goldblum,” a semi-rumination and semi-ridiculous look at the career of the enigmatic actor and an exploration of the shifting nature of fame in the 21st century, to be published in November by Plume.