Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Haha, Take it easy. Let us all WIN!
Steve Huffman, CEO of Reddit, said that Dubsmash and Reddit share some common ideologies thus making the acquisition very strategic in their future growth prospects.
American social news platform Reddit Inc has acquired a New York-based video-sharing social media platform Dubsmash. The acquisition of Dubsmash by Reddit is a strategic move for both entities to thrive in the highly competitive social media market.
As a result of the Dubsmash acquisition by Reddit, Dubsmash’s entire team, including the three co-founders, Suchit Dash, Jonas Drüppel, and Tim Specht, will be part of the greater Reddit ecosystem.
Reddit is looking forward to deposing TikTok’s huge popularity in the video-sharing industry. Notably, Reddit has noted that Dubsmash will maintain its own brand and platform. However, to further steer forward both entities, both teams are expected to work together in the future.
Market Outlook on Dubsmash Acquisition by Reddit
Dubsmash is expected to bring on board two key fundamentals to the Reddit ecosystem. First, Dubsmash is noted to elevate under-represented content creators around the world. This makes it share with the parent company the capacity to deliver unique services in the market.
Secondly, Reddit will now be in a position to venture into the lucrative video sharing industry, thus widen its revenue collection avenues. “We will integrate Dubsmash’s innovative video creation tools into Reddit, which will empower Reddit’s own creators to express themselves in original and authentic ways that are endemic to our communities,” Reddit noted in the press release
In a note through the press release, Steve Huffman, CEO of Reddit, said that Dubsmash and Reddit share some common ideologies thus making the acquisition very strategic in their future growth prospects.
“Dubsmash elevates under-represented 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,” Huffman explained.
As for Suchit Dash, Head of Dubsmash, the video-sharing industry is one of the under-ventured markets with capabilities of bringing people and communities together. “We want to continue our journey to bring best in class video products to our users, and now Reddit users. We believe in the idea of connecting creators around interests and topics, something Reddit has pioneered, in our growing Dubsmash community,” Suchit notes.
Founded six years ago, Dubsmash has grown from a small startup to a global platform with millions of users around the world. However, not without notable glitches, whereby back in 2019 the company suffered a major data breach that saw over 162 million users’ accounts compromised and put for sale on popular Darknet market, Dream Market.
Reddit, being a private major company, has previously raised capital from private investors including $20 million from Lowercase Capital, Index Ventures, Eniac Ventures, Heartcore Capital and Sunstone Life.
For other news from the business world, please, follow the link.