Reddit acquires TikTok rival Dubsmash

Flashback: Facebook and Snapchat were reportedly in talks to buy Dubsmash earlier this year.

Details: Reddit said in a statement that Dubsmash will maintain its own platform and brand, but its video creation tools will be integrated into Reddit.

• Dubsmash’s entire team, including its three co-founders — Suchit Dash, Jonas Drüppel and Tim Specht — will join Reddit.
• The Information first reported about the deal Sunday evening, prior to the company’s planned announcement on Monday.

What they're saying: Reddit cited Dubsmash’s mission to elevate under-represented creators as a key part of the reason it wanted to buy the company.

• ”Dubsmash elevates under-represented creators, while Reddit fosters a sense of community and belonging across thousands of different topics and passions," said Reddit CEO Steve Huffman.
• According to the statement, 25% of all Black teens in the U.S. are on Dubsmash, and 70% of its users are female.

The big picture: Reddit launched a native video player​ in 2017, but video still isn't the main format on its platform. In the statement, Reddit said Dubsmash enables more than one billion video views a month.