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Reddit Acquires TikTok Competitor Dubsmash

“Both Reddit and Dubsmash share a deep-rooted respect for how communities come together,” said Reddit CEO Steve Huffman. “Dubsmash elevates underrepresented creators, while Reddit fosters a sense of community and belonging across thousands of different topics and passions. It’s clear that our missions closely align and that our community-focused platforms can coexist and grow as we learn from each other.” While Dubsmash launched as a creation tool for lip-synching videos in 2015, its founders retooled the offering two years later to add social media elements. It has since emerged as a strong competitor in the growing social video app market, which is dominated by TikTok (with 100 million monthly active U.S. users and 2 billion global downloads) but also include...