Commodities

Reddit buys TikTok rival Dubsmash


The Reddit logo displayed on a smartphone.Mateusz Slodkowski | SOPA Images | LightRocket via Getty ImagesReddit has acquired short-video app Dubsmash, entering a crowded market dominated by Chinese-owned firm TikTok.Financial terms of the deal — which is based on a combination of cash and stock — were not disclosed.The U.S. social media firm is mostly known for its online forums where users post text, links and media related to certain interests.Reddit has attempted a refresh in recent years, redesigning its site to stay up to date with trends on popular platforms like Facebook and Twitter.Now, as video apps have surged in popularity with younger audiences in particular, Reddit is making a play to expand its presence in the fast-growing category.In a blog post late Sunday, Reddit said Dubsmash would maintain its own platform and brand, though Reddit will look to integrate Dubsmash’s video creation tools.Founded in Germany in 2014, Dubsmash’s app lets users record videos of themselves that are dubbed over with audio from songs, movies and TV shows, just like TikTok.Reddit touted Dubsmash as a “welcoming platform for creators and users who are under-represented in social media.”Dubsmash is used by about 25% of all Black teens in the U.S., according to Reddit, while females account for 70% of users on the app.”Both Reddit and Dubsmash share a deep rooted respect for how communities come together,” said Reddit CEO Steve Huffman.”Dubsmash elevates under-represented creators, while Reddit fosters a sense of community and belonging across thousands of different topics and passions.”Dubsmash’s entire team, including co-founders Suchit Dash, Jonas Drüppel, and Tim Specht, will join Reddit, the company said.It comes during a turbulent year for TikTok, which was faced with the prospect of being split off from Chinese parent company ByteDance due to U.S. national security concerns.Other social apps, such as Facebook’s Instagram and Google’s YouTube, have attempted to offer competing services. Instagram launched its TikTok rival Reels over the summer, while YouTube recently rolled out a feature called YouTube Shorts in India.

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