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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.

Go deeper

Jan 28, 2021 - Podcasts

Rep. Ro Khanna on top tech priorities, including Robinhood and Section 230

Big Tech is something all Americans use and most Americans complain about, no matter their political affiliation.

Axios Re:Cap goes deeper into the Biden administration's top Big Tech priorities, plus discussion of Section 230 and Reddit day trading with Rep. Ro Khanna (D-Calif.).

Stock market has worst week since October amid Reddit frenzy

Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images

Wall Street had its worst week since October as day traders bid up stocks for GameStop, AMC and others that gained popularity on Reddit.

Details: The S&P 500 fell more than 1.9% on Friday. All of the major averages fell more than 3% this week.

Updated Jan 28, 2021 - Economy & Business

Senate panel to hold hearing after high-flying Reddit stocks cause Wall Street chaos

Major trading platforms including Robinhood, TD Ameritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

The latest: Senate Banking Committee Chair Sherrod Brown (D-Ohio) announced Thursday that he plans to hold a hearing on "the current state of the stock market" in response to this week's volatility.