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.
Ok there. I finally deleted my account for realsies.
I keep going back to check out their Marvel discussions, but tell myself not to log in and engage. The community around that is bigger, definitely, but man… so full of dickheads. Thanks for being nicer, Lemmy users.
My experience with reddit is checking my inbox every now and then and seeing some random nazi posting harassing shit on a 2-month post.
go fuck yourself…in a nice way
Honestly, Lemmy is a lot nicer.
O SO YOU THINK WERE NICE HUH! WELL YOU HAVE A NICE DAY!!
YEAH THATS RIGHT I JUST WISHED YOU A NICE DAY, WHAT YOU GONNA DO ABOUT IT >:D
THANK YOU FOR WRITING IN ALL CAPS, I ALWAYS FELT THE UPPERCASE LETTERS DESERVE MORE TIME IN THE SPOTLIGHT SINCE THEY ARE VASTLY UNDERREPRESENTED IN REGULAR FORMS OF TEXT. LET’S KEEP TALKING LIKE THIS!!
Don’t get me wrong, fuckface, I can be a dick too. I’d just rather not, so have a pleasant fucking evening your foul smelling philanthropist.
Same here. I was holding off on properly deleting my account for some of the more niche stuff on Reddit, but at this point… fuck it I’ll still lurk occasionally but I ain’t logging in.
I got locked out when my 2fa couldn’t be transferred off my phone that died unexpectedly. Oh well
more like IPOO
Have we tried pulling a Twitter on this shit and seeing how many ads come up next to controversial Concepts yet?
I don’t think it would take many of them to take this motherfucker
As of 7 months ago, spez claimed that the company still wasn’t profitable. If, after 18 years, a social media link aggregator still isn’t profitable, then what are they going to do with the IPO capital other than burn through it as well?
I think there are a lot of extreme measures that would theoretically increase its profitability that they have not yet taken, most of which I have to assume are in the cards in the foreseeable future.
Most of them are, of course, measures that would severely impact user experience in a very negative way, but it’s clear at this point that they are drunk on hubris and believe users will stay no matter what.
They only have to be profitable long enough to sell their bags.
That’s true, I have to imagine a significant amount of the people driving the push for the IPO are only doing so to drive value up, cash out and vanish
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?
Look at a the way everything in tech is moving.
We are in the age of of surveillance capitalism. It will make itself profitable with our data. Maybe identifying people, creating profiles about beliefs and personality, etc.
What else could they possibly do? It’s proven profitable and that’s what they want.
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
“What’s your business model?”
“We pay people to post on our site.”
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”.
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.
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
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).
Rexxit had over $500,000,000 in revenue in 2022. It wasn’t profitable because spez spent money paying for all the infrastructure and bandwidth for multiple AI companies to harvest all of rexxit’s data, and because he’s constantly distracted by trying to incorporate the latest tech-bro trends into rexxit - rexxit crypto, rexxit NFTs, now he’s trying to figure out rexxit AI. He’s a breathtakingly incompetent CEO.
Well, I guess we may get a surge of anticapitalist users soon.
I mean, they’d be coming to the right place.
The only way reddit is worth $15 billion is if they have plans to sell user data to AI companies.
Nah, they don’t need to do that when they can already influence user decisions by faking a consensus.
They “fuzz” votes. They give themselves “gold” and promote articles. Then they have the first few comments all say the same opinion in a few different ways, and suddenly people start agreeing for fear of being “in the out-group”. It takes so much effort to flip the tone of the components section once it’s got a vibe.
If not, delete and restart until it works.
As a public company, not disclosing that they manufacuter conversation and opinion with fake data and instead saying it’s all natural would be fraud and they would face fines or go to jail if discovered.
Edit: reddit could turn a blind eye to others doing it, but they cant do it themselves and say otherwise.
Well I checked back. I also went to wipe the last bits of posts from a couple accounts. Soon as the scripts got done running…
Uh oh! We have suspended your account due to suspicious activity.
They filed for IPO in December 2021. Its taken them THIS long. The competent management didn’t leave the building, they were never there.
These valuations on companies that use cloud hosting for delivering video like reddit does is fucking imaginary. Reddit does not have enough of it’s own infrastructure to justify a $15 billion valuation. It’s ephemeral in the end.
Also, its now a dogs breakfast too. Whenever I drop by there, a lot of the subreddits have become ultra right wing and weird or bot infested, where even the aussie subs are pro-gun zones now (despite very few people in AU actually giving a toss about guns).
It went from being somewhat toxic to toxic all over. And the only people who will want to buy it, will be asking for more ads, more posts which are actually adverts, and more BS.
There are so many alternatives to Reddit now too (like lemmy) which are likely to slowly eat into it’s market share
The value is in IP and eyeballs, not physical assets.
I get it, but like I said, that’s ephemeral. Compare that to say Meta or alphabet with YouTube. They have distinct advantages in serving their content that prevents them from completely losing out. Then you’ve got Reddit, who pays hosts that could decide themselves to spin up a competing service pretty quickly and already isn’t profitable due to those harsh hosting costs and isn’t particularly stand out in its advertising business compared to those two.
Well YouTube is worth far more than even this valuation, so that tracks. There have been many competing services (like the one we’re on, and Voat) but none of them have put a dent in Reddit’s ability to serve ads to a huge number of eyeballs. I wouldn’t invest in it but to suggest it’s valueless because they don’t own their servers is a stretch.
That is not important. They sell attention from millions of users to advertisers, just like Facebook, google, YouTube, TikTok, …
And I sincerely hope anyone that invests in Reddit loses everything they put into it. The company deserves to die for the bullshit they did last year. It’s past time to move on.
Every big IPO like this goes up like crazy at first… In this case I predict it will fall quickly afterwards.
There’s money to be made though
What is IPO?
What is Google?
What is love ?
Don’t be snarky
initial public offering aka the company goes on the stock market
Sincerely hope it crashes and burns, even though I find it unlikely.
Fuck spez for ruining my favorite social media ever.“I submitted most of the content for the first couple of months myself — I had all these different accounts… and sometime in August was the first day that I didn’t submit any content. Real users did. And literally every day since then, Reddit has been bigger than I ever thought it would be.” -Steve Huffman
So there you have it, all of you single instance users, don’t fret! Reddit didn’t become popular in a day, it was mostly Spez posting to himself.
As far as the IPO goes, I’ve left Reddit so it can succeed or crash and burn, I care little at this point.
And the super majority of investors will not understand one bit what Reddit is and why it use to be so popular. The pyramid scheme continues.
Please, Reddit, finish dying, I’m banned for a bullshit reason and wanna talk abotu Jojo Memes with people again
