Reddit has acquired Dubsmash, a short-form social video app that competes with TikTok, describing it as “a welcoming platform for creators and users who are under-represented in social media,” reported Aiox.
Terms were not disclosed. Dubsmash has raised US$20.2 million from Lowercase Capital, Index Ventures, Eniac Ventures, Heartcore Capital, Sunstone Life, and other investors, according to Crunchbase.
In a blog post, Reddit wrote that video has become an increasingly important element in its user experience since it was first introduced in 2017. Reddit users this year have posted millions of videos, doubling the volume in 2019, the company said.
Facebook and Snapchat were reportedly in talks to buy Dubsmash earlier this year.
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 US, 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.
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