Reddit beats Facebook and Snapchat to buy TikTok competitor Dubsmash

The deal gives Reddit a surprise upper hand in a race to capture the runaway success of Chinese-owned TikTok, Reddit has thrown its hat into the ring against TikTok with the acquisition of Berlin-founded short video-sharing app Dubsmash for an unknown sum. The privately held social network said on Sunday that it would keep Dubsmash as a separate app while integrating its video creation tools into its own service. In a company blog post, Reddit pointed to Dubsmash’s popularity among female users and ethnic minority creators, with about 25pc of all black teenagers in the United States using the app. The sale makes Reddit a surprising winner in the bidding war that has unfolded over Dubsmash, which at one time was reportedly being courted by Facebook, Snapchat and Twitter. Founded in Germany in 2014 and now based in New York City, it has bounced back from a dire decline in users to become one of the most promising contenders for TikTok’s viral video crown. News of the deal was first broken by Silicon Valley insiders’ outlet The Information, prompting Reddit to rush out an announcement reportedly slated for tomorrow. we are so excited to announce that we’ll be joining forces…
Read More