Facebook and Snapchat parent company Snap would both have negotiated with Dubsmash, a competitor of TikTok. Both companies would be willing to pay hundreds of millions of dollars for the dance video app.
Negotiations are no longer ongoing, according to the sources. A Snap spokesperson said in the article, “We admire the team but are not actively negotiating to buy the company.” According to the sources, there would have been talk of a purchase amount of hundreds of millions of dollars. Facebook says it will not respond to speculation.
Dubsmash is a competitor to the much more popular TikTok and also makes it possible to make videos where users can dance to popular music. Facebook has now copied the function on Instagram with Reels. In all cases, these are short videos of a maximum of one second or fifteen.
In the meantime, Microsoft is negotiating with ByteDance about the purchase of part of TikTok. That is possible, as the US government threatens to ban TikTok app in the country.