Reddit announced that it has acquired short video platform Dubsmash. The deal’s terms were undisclosed. Dubsmash will retain its own platform and brand,
What happened
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Why it matters
[Edited: While Reddit’s post referred to Dash, Drüppel and Specht as Dubsmash’s co-founders, it was actually founded by Drüppel, Roland Grenke and Daniel Taschik.]
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 rivals, but struggled for several years after a brief stint of popularity in 2015 during its first incarnation as a lip-sync video app. In 2017 it began transforming itself into a social platform 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 installs, and it reportedly held acquisition talks with Facebook and Snap.
This news brief is based on reporting published by TechCrunch on 2020-12-14. The original report is linked below.
TechCrunch
https://techcrunch.com/2020/12/13/reddit-acquires-dubsmash/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
