Updated: December 14, 2020 12:31:40 pm
Social network firm Reddit said video platform Dubsmash, becoming the latest company to expand in a space dominated by Chinese-owned TikTok.
The financial terms of the deal were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and stock.
The success of ByteDance’s TikTok has prompted many social media companies to add short-video services to their platforms, with Snapchat Inc rolling out “Spotlight” in November and Facebook Inc launching “Instagram Reels” earlier this year.
Reddit said in a blog post that the deal would give its users, who can already upload and stream videos, access to Dubsmash’s editing and short-video creation tools.
The San Francisco-based company added that Dubsmash would maintain its own platform and brand. Dubsmash’s entire team, including co-founders Suchit Dash, Jonas Drüppel and Tim Specht, will join Reddit.
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