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Businesses The Almighty Buck

Reddit Is Now Valued At More Than $10 Billion (theverge.com) 73

Posted by BeauHD from the still-planning-on-going-public dept.
Reddit, the self-declared 'front page of the internet,' says it is now valued at more than $10 billion after raising an additional $410 million in funding, with the final round expected to grow to up to $700 million. The Verge reports: "We are still planning on going public, but we don't have a firm timeline there yet," Reddit's co-founder and CEO Steve Huffman told The New York Times in an interview. "All good companies should go public when they can." The company previously raised $250 million in funding earlier this year for a valuation of $6 billion. But Huffman told the Times the company was approached with this recent financing round by Fidelity Investments and were made "an offer that we couldn't refuse."

Reddit makes most its money from advertising on the site, and although it's a minnow compared to the likes of Facebook and Google, it's growing its business quickly. The company says it made $100 million in advertising revenue in the second quarter of 2021, up 192 percent compared to the same period last year. Though for context, Google made $61.9 billion in this year's second quarter, mostly from YouTube and Search advertising. Reddit now has roughly 52 million daily users (compared to 1.85 billion daily Facebook users) and more than 100,000 active sub-reddits. Earlier this year, the company said it planned to double its staff count by the end of 2021 to around 1,400 employees.
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Reddit Is Now Valued At More Than $10 Billion More

Reddit Is Now Valued At More Than $10 Billion

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  • In other news⦠(Score:3, Funny)

    by Anonymous Coward on Thursday August 12, 2021 @04:28PM (#61685537)
    Slashdot valued at $0. Good job Slashdot Team!
  • Nothing compared to the value of Wallstreetbet
  • Calling yourself "CEO" of Reddit is a bit like a garbageman calling himself a "sanitation engineer".
    • Fair. However, I would put to you that the sanitation engineer's work is societally valuable, so why not allow them that title.

      • Re: (Score:2)

        by quenda ( 644621 )

        Fair. However, I would put to you that the sanitation engineer's work is societally valuable, so why not allow them that title.

        Then why not call every policeman "commissioner"?

        Sorry, there are only two accepted ways to become an engineer:
        - four years at university studying advance maths, science, etc
        - complete a certificate in train driving, and pass a medical test.

    • One of those occupations is actually important and needed.

      And then theirs reddit.

  • Just try posting anything controversial and the topic is immediately removed. In my experience,there's no 'free' speech and there is no real appeal process. Mods are all 'appointed', so it's undemocratic as well. So the content is bland and conformist, mostly trolls arguing with one another, and never provide references. Few if any original thoughts either. Just saying you've probably already readit. ;~)

    • Re: (Score:2)

      by shanen ( 462549 )

      Just try posting anything controversial and the topic is immediately removed. In my experience,there's no 'free' speech and there is no real appeal process. Mods are all 'appointed', so it's undemocratic as well. So the content is bland and conformist, mostly trolls arguing with one another, and never provide references. Few if any original thoughts either. Just saying you've probably already readit. ;~)

      Seems to need requoting against the censor trolls, but not that insightful. Or perhaps too weakly worded?

      I'm not really qualified to say, because I've only poked at Reddit a few times and noticed it was a stupid place. But I still developed a hypothesis as to why. The reputation default is negative. Yes, there are a lot of Stupid Dicks running around the Internet, but Reddit "saves time" by assuming every new identity qualifies as an SD. Hence the high "barriers to entry".

      Within the scope of a MEPR (Multidi

    • On top of that, if you actually spend the time necessary to develop a subreddit and associated community, they'll simply take it away by assigning their own moderators to it.

    • Re:Completely over-moderated & heavily censore (Score:4, Interesting)

      by Opportunist ( 166417 ) on Thursday August 12, 2021 @06:15PM (#61685915)

      You just have to learn how to play the Reddit game.

      First, create a bunch of sockpuppet accounts. Do some karma whoring by posting groupthink-compatible bullshit into various subs, they're usually easy to spot. Cultivate and "age" the accounts for a few months so they gather some credibility, because next, you have to choose a victim. Someone who pissed you off, preferably. It doesn't exactly matter whether you can out-wit or out-argue him, we're just gonna get him banned.

      Find out what groups he hangs out in. That's fairly easy to do, the history is available. Now you need something "offensive" from him. Either he already provided it or you have to provoke him. It needn't really be offensive, what matters is that you can consider it offensive.

      Now have every sock puppet complain about this offensive hate speech. Chances are good that the mods are understaffed and overworked enough that they won't even check twice what you just reported as offensive and just ban him, either for a time or for good.

    • Re: (Score:1)

      by 2TecTom ( 311314 )

      wow, heavily modded down for complaining about moderation, classic internet irony

      • Not only on the internet. Try complaining about moderation in the ironic states of Russia, Belarus, China, North Korea etc.

    • The Slashdot system is actually pretty good compared to Reddit. Posts don't get removed, they just get modded to -1 so it's easy to filter them out. Everyone gets a chance to moderate. I think Slashdot should go back to allowing proper anonymous posts though - it's easy enough to filter out the ascii swastikas, porn and copypasta by browsing at +1.

      I'm sure the Slashdot system has its flaws (feel free to chime in and mentioned some in reply to this!) but it seems to work better than any other free online for

    • You are correct.

  • I think that's fair (Score:3)

    by rsilvergun ( 571051 ) on Thursday August 12, 2021 @04:51PM (#61685637)
    It's done at least twice that in damage to the quality of discourse in human civilization.

    • Re:I think that's fair (Score:5, Insightful)

      by AmiMoJo ( 196126 ) on Thursday August 12, 2021 @05:23PM (#61685725) Homepage Journal

      Remember when Reddit was about to die? Everyone was going to move to Voat.

      Turns out purging all the toxic boards (a couple of incel and MGTOW ones were banned this week) was actually a good move.

      • What's weird is the way they've all congregated on r/conservative. From what I can tell the form is so heavily moderated but it's the only one that can survive the rules regarding hate speech and threats of violence. And even then the forum has to periodically shut down posting when major news events happen because the amount of TOS violations is more than any moderator could ever keep up with.

        I also know a lot of the West point forums banned users who post to r/conservative because the users would coor

      • Remember when Reddit was about to die? Everyone was going to move to Voat.

        Turns out purging all the toxic boards (a couple of incel and MGTOW ones were banned this week) was actually a good move.

        I'm routinely XcuriousX as to the great (and to the very slight) episodes of happenstance that delineate between a company's flight to great growth and another company's abrupt insolvency.

        I have it, on somewhat sketchy referencing, that VHS beat out Beta because that's the format the porn industry decided to release films in.

        We've all heard that Blockbuster could've purchased Netflix in y.o.o.l. 2000 [inc.com] for US $50 million.

        I assume, with relatively high probability, that another company lost market leadership

        • VHS beat out Beta because you could record 2 (SP), 4 (LP), or 6 (EP) hours worth of material, more or less matching the expected run-time of films. By contrast, Betamax tapes came in a variety of lengths and, at least in my experience, it seemed like the most-popular tapes had odd lengths like the L-750 which wouldn't necessarily be enough to capture a whole program at standard tape speed.

      • Re: (Score:1, Troll)

        by junglee_iitk ( 651040 )

        Oh yes, the in-house misandrist chimes in to slyly equate incel and MGTOW. And why not, they worked against anointed Hillary.

        • slyly equate incel and MGTOW

          Different flavours of shit are different. But they're still shit.

          • When shits in your head, everything looks shitty.

          • Re: (Score:2)

            by AmiMoJo ( 196126 )

            Right on cue another incel murder spree: https://www.telegraph.co.uk/ne... [telegraph.co.uk]

            Reddit made the right decision.

          • How is it a group that wants nothing to do with half the humanity something bad? If they just leave women alone that's nothing bad for women IMO

            • I'm not sure going on a murder spree counts as leaving women alone.

              Either way, the world does not and cannot work like that. Are they going to refuse to shop, eat or work anywhere that had female employees last their purity of male only existence be polluted? And tell me why does going their own way seem to include very few male bonding trips doing cool and fun male coded activities with your bros and an awful lot of misogynistic grousing about women on the internet.

              And that's MGTOWs.

              Incels don't want to le

              • I spoke only for MGTOWs and I understood them as avoiding sentimental relationships with women. If a person only does that can relate to women in other spheres (work and whatever) I don't see how that's harming anyone.
                Anyway we define them differently so we may never agree. Of course harming women (because of who they are) is not acceptable in any case.

                • That's a very big if.

                  If you actually look at MGTOW forums then the way they do is onto the internet to misogynisticly grouse about women.

      • Remember when Reddit was about to die?

        which time?

        i remember all the warnings about incoming digg users; turns out, they werent wrong.

  • Explains alot now
  • Isn't Reddit really just another message board? A message board that is difficult to navigate and forces you to click repeatedly to descend into threads at that. If I'm googling for a solution to something, Reddit is the last place I will look.

    • How's that any different than slashdot?

      Try browsing old.reddit.com and using the Reddit Enhancement Suite. [redditenha...tsuite.com]

    • Reddit just reminds me of USENET, albeit confined to a single top level domain and web page presentation.

      Just like USENET, there are vast variety of subreddits, from high-traffic, spam and troll laden ones, to lower traffic ones with useful moderation that mostly keeps out low effort posts and garbage.

      The web page format even allows for subs to be customized with a different cosmetic look, almost making it seem like you could be on a standalone web site. Thank god for RES' ability to disable custom skins,

  • To burn the f*cking thing!

  • Saying "valued" without saying who values it, is like saying "percent" without saying of what.

    In this case, it is *definitely* completely batshit insane people.
    No, wait, it's definitely sleazy thugs *saying* that, in order to catch batshit insane people! Those people don't need to exist (yet)! :D

    • By the financiers. They're offering X money for Y percentage of shares, making a simple algebra equation to determine what they value the company at, based on the expectation the company will go public and the shares will be sellable then.

    • In this case, it is *definitely* completely batshit insane people.

      Bruh. Pot, kettle?

  • Reddit serves the same purpose the MySpace did: gives depressed teenagers a place to complain about how unfair the world is because they don't get everything they want for free.
  • Anyone who thinks Reddit is worth more than $5 has likely never tried to use it on mobile devices. It's a terrible experience. Keeps pushing an app too, which I've heard is also terrible.

    • Reddit is Fun got renamed to "RiF (Reddit is Fun)" and a great app (Android only afaik).

      They've continually improved their interfaces, but also adding fluff features sadly and not improving the user experience for things like abuse.

      In recent years the usage of Reddit has dramatically shifted from Desktop to Mobile such that now most are mobile, so the experience can't be that horrid (I've never looked at the official app).

  • It is not Reddit that is valued at $10B. It can never be that valuable to anyone who owns it. The value isn't in Reddit, but how much investors think they can hype up and get buy in from other investors before they run off with their earnings that come from nowhere.

  • Reddit's co-founder and CEO Steve Huffman told The New York Times in an interview. "All good companies should go public when they can."

    Hah! What a crock. Maybe when your company actually produces nothing of value, it's a great idea. Otherwise all it does is make your company beholden to the desires of a bunch of suits behind desks that may or may not have any clue about what you're actually trying to do. All they see is numbers and you expect you to produce for them. If you love being controlled by a group of people who wrote the book on "what have you done for me lately, and by lately we mean this exact quarter" then sure go ahead.

    Yeah

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