Reddit has acquired Dubsmash, the lip-syncing video app which launched in 2014
Washington [US]: Reddit has acquired Dubsmash, the lip-syncing video app which launched in 2014 and was largely superseded when TikTok showed up.
According to Mashable, the following announcement was made on Reddit’s blog on Sunday (local time): The annexing of Dubsmash’s 12-person team to Reddit’s 700-strong horde is the popular website’s first major acquisition in its 15-year history. Though the financial terms of the agreement have not been disclosed, Dubsmash will be keeping its own platform and separate branding. Dubsmash’s Android and Apple applications will continue to operate as normal, with its video creation tools simply integrated into Reddit’s infrastructure.
Reddit currently allows users to upload and live stream videos, but its editing capabilities are somewhat lacklustre, which is a problem this acquisition hopes to address.
As reported by Mashable, Reddit was valued at USD 3 billion as of February 2019.