Reddit announced that it has acquired short-lived video pulpit Dubsmash. The deal’s terms were undisclosed. Dubsmash will retain its own stage and label, and Reddit will integrate its video creation tools. Its co-founders, Suchit Dash, Jonas Druppel and Tim Specht, will join Reddit.
According to Crunchbase data, the app has raised $20.2 million from investors including Lowercase Capital, Index Ventures, Eniac Ventures, Heartcore Capital and Sunstone Life.
Dubsmash is now one of TikTok’s biggest challengers, but contended for several years after a brief stint of esteem in 2015 during its first manifestation as a lip-sync video app. In 2017 it began transforming itself into a social programme and moved its headquarters from Berlin to Brooklyn. By the beginning of this year, Dubsmash’s share of the United States’ short-form video market was second only to TikTok when counted by app positions, and it reportedly viewed acquisition talks with Facebook and Snap.
Credit for much of Dubsmash’s success goes to Black and Latinx consumers. While many of TikTok’s highest-profile superstars are white, Dubsmash is known for its huge communities of Black and Latinx content founders. The polarization between the two apps began to gain more attention earlier this year, when the New York Times publicized a piece about how dance moves by Black Dubsmash stellars are frequently proper without credit by TikTok influencers, which entails their founders miss out on possibilities like big followings, label slews and manufacture connections.
Reddit has its own issues with racism, and has been criticized for not doing enough to stop hate speech or affording moderators of subreddits targeted by prejudiced trolls enough support.
Last year, benefactor and former chief executive officer Alexis Ohanian called for his position on Reddit’s board to be filled with a Black candidate when he stepped down, which current CEO Steve Huffman said the company would reputation as part of a larger effort to address hate speech on the stage announced during anti-racism expressions after the killing of George Floyd by a police officer. Ohanian’s position was to be completed by Y Combinator CEO Michael Seibel.
In its edict today, Reddit relation its possession of Dubsmash to its inclusion endeavors, acknowledging that the app’s” communities are driven by young, diverse creators–about 25 percent of all Black teenages in the U.S. are on Dubsmash, and girls represent 70 percent of users .”
It also said the integration of Dubsmash’s video creation tools will enable Reddit’s consumers to” express themselves in original and genuine paths that are rife to our communities .”
Since launching native videos in 2017, Reddit said consumption has increased crisply, flourishing 2X in 2020 alone. Much of Reddit’s content is still text-based, nonetheless, with video, gifs and images often shared from other sources, so Dubsmash’s integration can help Reddit construct out its own video platform.
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