Social network company Reddit stated on Sunday it could buy short-video platform Dubsmash, becoming the latest company to expand at a space dominated by Chinese-owned TikTok.
The financial details of the deal weren’t revealed, but a spokeswoman for Reddit said the acquisition has been based on a mixture of cash and stock.
The achievement of ByteDance’s TikTok has motivated many societal media firms to add short-video services to their platforms, together with Snapchat Inc rolling out “Spotlight” in November and Facebook launch “Instagram Reels” before this year.
Reddit stated in a blog post which the deal would give its users, who will already upload and flow videos, accessibility to Dubsmash’s editing and short-video production tools.
The San Francisco-based firm added that Dubsmash will assert its own platform and brand new.
Dubsmash’s entire group, such as co-founders Suchit Dash, Jonas Drüppel and Tim Specht, will join Reddit.
The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Kartik Mehindru and Shubham Kalia in Bengaluru. Editing by Aditya Soni.
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