Dec 13 (Reuters) – Social community agency Reddit stated on Sunday it will purchase short-video platform Dubsmash, turning into the newest firm to broaden in an area dominated by Chinese language-owned TikTok.
The monetary phrases of the deal weren’t disclosed, however a spokeswoman for Reddit stated the acquisition was based mostly on a mixture of cash and stock.
The success of ByteDance’s TikTok has prompted many social media firms so as to add short-video companies to their platforms, with Snapchat Inc SNAP.N rolling out “Highlight” in November and Fb Inc FB.O launching “Instagram Reels” earlier this 12 months.
Reddit stated in a weblog put up that the deal would give its customers, who can already add and stream movies, entry to Dubsmash’s modifying and short-video creation instruments.
The San Francisco-based firm added that Dubsmash would preserve its personal platform and model.
Dubsmash’s complete crew, together with co-founders Suchit Sprint, Jonas Drüppel and Tim Specht, will be part of Reddit.
(Reporting by Kartik Mehindru and Shubham Kalia in Bengaluru; Modifying by Aditya Soni)
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