Love it or hate it: TikTok is extremely popular all over the globe. The short video platform has millions of users, and many companies are trying to cash into this popularity. A few months ago, Facebook launched Reels on Instagram where its members can share short videos to share with the public.
Now, Reddit has announced that it has acquired TikTok rival Dubsmash for an undisclosed amount.
Dubsmash will continue to maintain its platform and brand, with the entire team including its three co-founders brought over to Reddit as part of the deal. In the future, Reddit says that it plans to bring the teams from their respective companies closer together so they can collaborate to create engaging experiences.
Reddit has stated that its own mission statement is aligned with Reddit, and encourages users from under-represented communities to excel on social media platforms. Dubsmash has a strong focus on building a diverse community, with 70% of its users being female, and 25% of all black U.S. teenagers registered on the platform.
Another key advantage for Reddit is that with its increased focus on video content, the acquisition will allow it to integrate Dubsmash's technology in its own platform to further aid content creators and drive engagement.
Head of Dubsmash Suchit Dash had the following to say about the purchase:
In our years of building Dubsmash, we’ve learned how video can spark creativity, unlock interactions, and deepen connections within communities. We want to continue our journey to bring best in class video products to our users, and now Reddit users. We believe in the idea of connecting creators around interests and topics, something Reddit has pioneered, in our growing Dubsmash community.
While the nitty-gritty terms and finer details of the deal have not been disclosed as of yet, we'll likely learn more about them over the coming days.