Reddit acquired “short format video social site” Tapsmash, the company announced today. Under the terms of the agreement, Dictoc competitor will continue to be a separate platform and brand, but its “innovative video-making tools” will be integrated into Reddit. Although Reddit has supported native video uploads since 2017, its video editing tools are limited, and most of the video content posted on the platform is hosted elsewhere.
In a post announcing the acquisition, Reddit said he “looks forward to uniting our teams to combine Reddit’s community development machine with Tapsmash’s unique creative experience.” The amount paid to the New York-based company as part of this announcement has not been released.
According to the data of the reported App Annie Tech Crunch Earlier this year, Tapsmash’s share of the U.S. short format video market was next to that of Dictoc. Its co-founder and president, Suzuki Dash, declined to share the total number of users of the service in an interview. The Wall Street Journal, Whose videos are viewed more than a billion times a month, and 30 percent of its users log in daily to create videos. Meanwhile, Reddit recently revealed that 52 million users are active on its platform daily.
Reddit specifically cites Tapsmash’s diverse user base as one of the reasons for its acquisition. According to Reddit, 25 percent of black youth in the United States use the service, and 70 percent of its users are women. “Tapsmash provides a welcome platform for creators and users who are not represented on social media,” Reddit’s announcement notes.
Earlier this year, Reddit said it was trying to find a solution to the hate speech on its platform following the protests and the resignation of one of its co-founders. When Alexis Ohanian resigned, he was asked to fill his position with a black candidate. He was later replaced by Y Combinator CEO Michael Siebel.