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.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Hong Kong Authorities Crack Down on Bid-Rigging: 20 Arrested in Corruption Sweep
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI