LOS ANGELES (AFP) – Reddit has acquired the Tik Tok-like app Dubsmash, both companies said on Sunday, as big tech moves to carve out territory in the lucrative short-form video-sharing market.
In a statement, Reddit said it had been drawn to Dubsmash – which reports over a billion video views a month – because of its commitment to diversity and promoting under-represented voices.
“Both Reddit and Dubsmash share a deep rooted respect for how communities come together,” Reddit CEO Steve Huffman said.
“Dubsmash elevates under-represented creators, while Reddit fosters a sense of community and belonging across thousands of different topics and passions,” he added.
News of the deal comes as big tech scrambles to acquire space in the massive video-sharing app market following the success of TikTok, which is now under sustained pressure from the United States (US) government over its Chinese ownership.
Dubsmash, which allows users to lip-sync to popular music or dance along to their favourite songs, has been described by tech press as the “number two” video-sharing app online.
Neither company has disclosed how much Reddit paid for Dubsmash, though the tech news website The Information earlier this year reported that a similar offer from Facebook had been in the range of hundreds of millions of dollars.