According to the latest news, today, Reddit announced that it has acquired “short-form video social platform” Dubsmash. As per the news, under the terms of the deal, the TikTok rival will continue to exist as a separate platform and brand but the company will integrate Dubmash’s “innovative video creation tools” into Reddit.
Notably, Reddit has been supporting native video uploads since 2017 but its video editing tools are limited and much of the video content posted on Reddit is hosted elsewhere.
Reddit announced the acquisition through a post where the company said it is looking forward “to bringing our teams together to combine the unique creator experience of Dubsmash with the community growth engine of Reddit. Dubsmash provides a welcoming platform for creators and users who are under-represented in social media”.
As of now, the sum paid for the New York based company is not disclosed. Earlier this year, TechCrunch reported that Dubsmash’s share of the USA’s short-form video market is second only to TikTok.
In an interview with The Wall Street Journal, Dubmash’s co-founder and president, Suchit Dash declined to share details about the total number of users but its videos were reportedly viewed over a billion times per month. A report mentions 30 per cent of its users log on daily to create videos in Dubmash. On the other hand, recently, Reddit disclosed that 52 million users are active on its platform daily.
Reddit specifically said that one of the key reasons for the acquisition is Dubsmash’s diverse user base. According to Reddit, around 25 per cent of Black teenagers in the US use the service, and that 70 per cent of its users are female.
It should be noted that earlier this year, Reddit said that it would be making efforts to address hate speech on its platform following protests and the resignation of one of its co-founders, Alexis Ohanian. During his resignation, he asked his position to be filled by a Black candidate. Ohanian was replaced by Y Combinator CEO Michael Seibel.