Reddit's cofounder said that at first the company felt like 'a homework assignment that got out of hand' rather than a business
www.businessinsider.com
Reddit's cofounder Steve Huffman said in its early days he filled up most of the site with content using different accounts until it got more users.

Now the social media platform is aiming for an IPO in the first quarter of 2024 with a valuation of $15 billion, and has been in talks with potential investors like Goldman Sachs and and Morgan Stanley, per Bloomberg.

  • Semi-Hemi-Demigod@kbin.social
    0·
    1 year ago

    And what could they use the money to do? How much innovation has there been on Reddit since it was written? Fancier Reddit gold? A shitty redesign?

    • Gamma@beehaw.orgEnglish
      0·
      1 year ago

      Well they control the mobile apps now, which is most of the userbase. The redesign is still terrible but nobody has much of a choice about image hosting since it’s built-in.

      The only thing I can really think they “improved” is that the new gold system allows to be paid for your content:

      If you’re eligible for the Contributor Program and your content meets the requirements for monetization, you can receive cash from Reddit for the gold and karma you earn on qualifying contributions.

      But that’s definitely not going to help them be profitable lol

      • Ech@lemm.eeEnglish
        0·
        1 year ago

        if your content meets requirements for monetization

        “Requirements” being key there. The vast majority of even power users won’t end up getting paid with the system as it stands. If anything, it’s just there for people to give them credit for making it “possible”.

        • survivalmachine@beehaw.org
          0·
          1 year ago

          Which requirements are difficult to meet? The highest hurdles I see is receiving 10 gold in a 12-month period and making sure your content isn’t porn/gore/drugs. I think reddit blows, but this doesn’t seem like difficult-to-obtain goals for somebody trying to make some extra scratch.

          • Gamma@beehaw.orgEnglish
            0·
            1 year ago

            Yeah, I went through a few pages and they don’t seem unattainable. The hardest would probably be living in a country that isn’t included

            • survivalmachine@beehaw.org
              0·
              1 year ago

              Yeah, and while the country thing sucks, it’s at least a quick “yes/no” answer before you even start trying. This isn’t a deceptive lure like roblox, where they entice millions of kids to try to monetize their content, but make it exceptionally hard to actually make a profit or to even cash out (and even if you meet their ridiculous requirements, there is a huge imbalance of exchange rates when converting to and from a real currency to robux).