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Reddit to buy TikTok rival Dubsmash

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Reddit to buy TikTok rival Dubsmash

 Reddit to buy TikTok rival Dubsmash






Success of ByteDance’s TikTok has prompted many social media companies to add short-video services to their platforms


Social network firm Reddit said on Sunday it would buy short-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.



Source:- Flash News and News Agencies

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Flash News: Reddit to buy TikTok rival Dubsmash
Reddit to buy TikTok rival Dubsmash
Reddit to buy TikTok rival Dubsmash
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Flash News
https://www.flashnewspk.com/2020/12/reddit-to-buy-tiktok-rival-dubsmash.html
https://www.flashnewspk.com/
https://www.flashnewspk.com/
https://www.flashnewspk.com/2020/12/reddit-to-buy-tiktok-rival-dubsmash.html
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