Reddit Will Buy A Platform From Dubsmash For Short Videos

Reddit Will Buy A Platform From Dubsmash For Short Videos

Social network Reddit announced on Sunday that it will buy a platform from Dubsmash for short videos. It is another company that is trying to replicate the success of the Chinese video sharing application TikTok. The financial terms of the transaction were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and shares.

TikTok has inspired many companies

The success of TikToku the daughter of Chinese company ByteDance, has prompted many social media companies to add a short video sharing service to their platforms. Snapchat, for example, launched "Spotlight" in November, and Facebook launched "Instagram Reels" earlier this year. Reddit said in a blog post that the agreement will give its users, who can already upload and stream videos, access Dubsmash tools for editing and creating short videos.

It will retain the platform and the brand

The San Francisco-based company added that Dubsmash will retain its own platform and brand. The entire Dubsmash team, including co-founders Suchit Dash, Jonas Drüpel and Tim Specht, will join Reddit. According to Reddit, approximately 30 percent of Dubsmash users publish the video every day. The statement does not say how many users it has.