Social news aggregator platform Reddit has announced to acquire TikTok’s biggest rival Dubsmash. The acquisition details are not yet revealed but post-acquisition Dubsmash will operate as a separate entity. Reddit will use its video creation tools in the platform.
Dubsmash is a video sharing social media service app available for iOS and Android platforms and after TikTok, it has the largest user base. It was co-founded by Suchit Dash, Jonas Drüppel, and Tim Specht, who will join Reddit. Till now, the app has gained investments of $20.2 million from Lowercase Capital, Index Ventures, Eniac Ventures, Heartcore Capital, and Sunstone Life.
Short video creation and sharing platform is right now the hot industry as some big tech companies getting into it. Last month, Snapchat also launched an app called Spotlight and Facebook brought its app Reels back in August.
TikTok is currently the leading app in this space based in China, but due to some controversies some countries like India and America has decided to ban the app.