Social networking company Reddit said: It is You will buy Short video platform Dubsmash The competition for Tik Tok – to become the latest company to expand in a space dominated by Chinese company Tik Tok.
The financial terms of the deal were not disclosed, but a Reddit spokeswoman said the acquisition was based on a combination of liquidity and equity.
The success of TikTok from ByteDance has prompted many social media companies to add short video services to their platforms.
Snapchat launched the Spotlight feature in November, while Facebook earlier this year launched the Instagram Reels feature.
Reddit said in a blog post: The deal gives its users, who can download and stream videos, access to the editing and creation tools for Dubsmash’s short videos.
The San Francisco-based company added that Dubsmash maintains its own platform and brand.
The entire Dubsmash team, including co-founders (Sochet Dash) Suchit Dash, (Jonas Droppel) Jonas Drüppel and (Tim Specht), join Reddit.
Dubsmash was founded in 2015, and despite the advent of TikTok, it has grown at a steady pace.
In January it crossed the one billion views per month mark, and by comparison, Tik Tok has 37 billion views per month in the US alone.
The platform’s founder, Suchit Dash, was not outspoken about the numbers, saying: 30 percent of users make videos daily, and that the platform has been great at amplifying underrepresented voices.
In its ad, Reddit said: “70 percent of Dubsmash’s user base is female, and nearly a quarter of black teens in the United States are on the platform.
Dubsmash continues to appear as a separate app across app stores, and Reddit plans to include video creation tools in its own.
The social network recently revealed that it has 52 million daily active users, up 44 percent year-on-year.
Playing short videos is a step to increase this number and make existing users spend more time within the app.
Reports in August stated that both Facebook and Snapchat had contacted Dubsmash with a possible bid.