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Reddit stated on Sunday it has acquired short-form video sharing platform Dubsmash, changing into the newest firm to broaden in an area dominated by Chinese-owned TikTok. The monetary phrases of the deal weren’t disclosed, however a spokeswoman for Reddit stated the acquisition was based mostly on a mixture of money and inventory.
The success of ByteDance’s TikTok has prompted many social media corporations so as to add short-video companies to their platforms, with Snapchat rolling out Spotlight in November and Facebook launching Instagram Reels earlier this 12 months.
Reddit stated in a weblog publish that the deal would give its customers, who can already add and stream movies, entry to Dubsmash’s enhancing and short-video creation instruments.
“Dubsmash will bring two key strengths to Reddit,” the corporate wrote within the weblog. “First, Dubsmash’s mission is unique among social platforms, and is aligned with Reddit’s own mission of bringing community and belonging to everyone in the world. Just as Reddit is a place for content you won’t see anywhere else on the Internet, Dubsmash provides a welcoming platform for creators and users who are under-represented in social media.”
“Second, we will integrate Dubsmash’s innovative video creation tools into Reddit, which will empower Reddit’s own creators to express themselves in original and authentic ways that are endemic to our communities,” the publish added.
The San Francisco-based firm added that Dubsmash would preserve its personal platform and model. Reddit added that Dubsmash’s communities are “driven” by various creators. “About 25 percent of all Black teens in the US are on Dubsmash, and females represent 70 percent of users.”
Dubsmash’s whole crew, together with co-founders Suchit Dash, Jonas Drüppel, and Tim Specht, will be part of Reddit.
© Thomson Reuters 2020
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