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| Facebook and Snapchat want to take over rival TikTok |
Facebook and Snap, the company that owns the Snapchat app, are said to be in negotiations to acquire Dubsmash, TikTok's rival.
As Microsoft tries to strike a deal to acquire rival TikTok, this interest underlines its short video apps.
Dubsmash, a lip-syncing app that's been around since 2013, is growing in popularity with many of TikTok's other competitors.
Facebook and Snap signed a deal with TikTok in the past few weeks, and the source said the takeover negotiations were advanced enough to discuss prices in the hundreds of millions of dollars.
The interest in Dubsmash shows how big tech companies can quickly capitalize on consumer interest in short videos, thanks to TikTok's explosive growth.
As the US government threatens China to acquire TikTok, the app's future uncertainty has made rival apps like Triller, Byte, and Dubsmash even more attractive.
Dubsmash and other video sharing platforms recently noted that the number of downloads and the number of users has increased as 100 million Tik Tok users in the US prepare for the future without the app.
TikTok is currently facing an executive order (Donald Trump) banning all commercial dealings with the app and its parent company ByteDance in mid-September.
While it is unlikely that a nationwide ban will be enforced, the threat facing TikTok is enough to cause users to panic as they can create videos and find their favorite content creators.
The report shows that despite Dubsmash's acquisition negotiations with Facebook and Snap, there have been no more active discussions in recent weeks.
A Snap spokesperson said in a statement, “We love the team, but we are not in active takeover negotiations.
Facebook cited the company's policy of not commenting on rumors or speculation, but emphasized that it does not actively participate in Dubsmash.
Meanwhile, Facebook and Snap are developing their own functionality from the popular TikTok app.
Facebook's Instagram platform launched Reels in the US earlier this month, and Snap has begun offering music overlays for videos.
Dubsmash was one of the first to adopt the audio and video link format later popularized by Tik Tok.
According to The New York Times, some of Dubsmash's most popular dances first appeared online, then popularized on Tik Tok, and were chosen by the most popular content creators on the Chinese platform.
However, Dubsmash is not as successful as TikTok or competitors like Triller and Likee.