Reddit buys video sharing app Dubsmash

Reddit Inc. said Monday that it bought the video-sharing app Dubsmash to expand its presence in user-created video, one of the hottest corners of the Internet.

15-year-old Reddit says Dubsmash is the first major acquisition with a free app for creating and sharing user-created videos. The financial terms for cash and stock trading have not been disclosed.

Based in San Francisco, Reddit is best known for its bulletin boards on millions of topics and the “Ask Anything” Digital Town Hall, which brings together celebrities, politicians, and professionals. Earlier this month, social media companies first revealed that as of October, they had an average of 52 million active users per day. This is a 44% increase over the previous year.

The user-created video is Facebook Inc. Behind the success of the hit app TikTok, which influenced Facebook.
Instagram and Snap Inc. SNAP,
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Snapchat introduces a similar service. Platforms that allow users to broadcast live video, such as Inc.’s AMZN, are also popular.
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“The move to video is bigger than the move to mobile,” said Steve Huffman, Reddit CEO and co-founder. “We are just getting started.”

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Reddit buys video sharing app Dubsmash

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