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Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images
Reddit has acquired Dubsmash, the short-form video app akin to TikTok, the company said in a statement provided to Axios. Deal terms were not disclosed.
Why it matters: The deal marks the latest move by a tech platform to invest in a TikTok-like video feature. Snapchat last month launched its TikTok competitor, called Spotlight. Facebook launched its competitor, called Reels, in August.
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.