Social network firm Reddit said it would buy short-video platform Dubsmash, becoming the latest company to expand in a space dominated by Chinese-owned TikTok.
The financial terms of the deal were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and stock.
The success of ByteDance’s TikTok has prompted many social media companies to add short-video services to their platforms, with Snapchat rolling out Spotlight in November and Facebook launching Instagram Reels earlier this year.
Reddit said that the deal would give its users, who can already upload and stream videos, access to Dubsmash’s editing and short-video creation tools.
The San Francisco-based company added that Dubsmash would maintain its own platform and brand.
Dubsmash’s entire team, including co-founders Suchit Dash, Jonas Drüppel and Tim Specht, will join Reddit.
