7 ms·

Reddit hasn't turned a profit in 20 years, filed to go public anyway

47 points by LinuxBender 3y ago

throwaway118899 3y ago
I’m going to take great personal joy in watching Reddit burn itself alive.
- throw_m239339 3y ago
  Reddit founders just want to cash in. u/spez made $200M last year in compensation which made him one of the highest paid CEO in the bay area. they simply couldn't give 2 fucks about what happens after the IPO, they know their site is a liability , riddled with depravity... and Google wants to train its AI on that crap?
  - Accujack 3y ago
    Think about it... Google could train its AI to recognize malicious behavior for moderation purposes, to recognize astroturfing and manipulation of public opinion (for purposes of stopping it or carrying it out). There's not much value in training it to simulate a redditor, but there's a lot in modeling bad behavior.
  - waitforit 3y ago
    "Only" a million of that was in cash, the rest was in stock awards and stock options. So he has to care about what happens after the IPO. https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm#i1b9a579e78a34dfa99f7f26daeec195b_94 https://www.sec.gov/Archives/edgar/data/1713445/000162828024...
sathishn 3y ago
I guess following X's path of membership after going public might make it sustainable.
- thot_experiment 3y ago
  No it absolutely won't because they won't have people there making the site relevant and good, in the exact same way X is a site that had value and now it's below the threshold where it's worth my time.
pangolinja 3y ago
Reddit has also spent the last four years alienating all the long time users who would put money in, so I guess this is just for Sam Altman? those of us who know about Spezs penchant for Jailbait and Cannibals. You know, the stuff that got him compromised by Ghislaine in the first place.
- johnnyanmac 3y ago
  Also for Spez. IPO, become a billionaire, bid farewell to Reddit after however long he's contractually obligated to stay, and... well, idk. I guess many billionaires aren't satisfied with merely retiring with more money than multiple generations of families can ever hope to spend. I suppose find another business to extract from? Or lobby?
fallingfrog 3y ago
With all the major social media sites committing suicide via enshittification, it seems like forums might be primed to go back to being mostly small and local again (discord etc). Reddit though, I’m really going to miss since they’ve avoided pissing in the pool they swim in longer than most of the others. And, because the only google results that are useful anymore are the ones where you append “Reddit” to the end of your search. I think, on some level, the people who own and run these sites don’t actually understand where the value in them comes from. Namely, the quality of the interactions between users. By replacing those interactions with paid advertisements or by making moderation more difficult they are directly attacking the very thing that makes the site useful. And they don’t understand that. More likely in this case, they don’t care. The game they are playing is to try to turn human interaction into money, and you can’t do that by making the interaction better. The point of advertising, after all, is not to reveal truth but distort it in order to manipulate the user. What we need is a Reddit type of site that’s run more on the Wikipedia model and less on the Facebook model. The original version of google seemed like magic because it provided such easy results- but you have to remember that google didn’t generate those results. The links between topics came in the form of hyperlinks between documents that were set up one at a time by human beings, and google merely mined those links to fuel its engine. Later on, people stopped creating hyperlinks, and so google’s search mostly stopped working. So it’s no wonder that Reddit’s hand curated forums are now a better source of information.
- themoonisachees 3y ago
  Reddit on the Wikipedia model is Lemmy.
  - johnnyanmac 3y ago
    I wouldn't call Lemmy a Wikipedia model. There's no peer review to try and establish a base of knowledge. You're only so free to edit "entries" in that you can fork off a federation and make your own to host. I'm not even sure if the models are compatible. Reddit was designed to cycle through modern news and discussions, focusing on presenting the new over the important/relevant, or the most agreeable over the most well written/researched. Reddit plays to the Wisdom of the Crowds, Wheras Wikipedia at least attempts to fight the popular opinion through uses of credible, professional sources (which sometimes works against the idea of being a "base of knowledge")
IronWolve 3y ago
They removed premium accounts, removed people buying awards before going ipo too.
- thot_experiment 3y ago
  Ahahah seriously? What incredible mismanagement, I met someone who worked at reddit on the product 2 years ago at a superbowl party and they made fun of me for wanting to use the old.reddit.com site over the new one. It was wild, I really expected a wry smile like "yeah i know it sucks but we gotta do it cause the execs want it". It was crazy to me how much they didn't understand their userbase or product.
  - rightbyte 3y ago
    Organisations can't pretend. They will start believing their own lies.
  - 0xy 3y ago
    It's been 5 years and they haven't figured out how to make a video player yet. Neither the old version or the new version work. Click to play, nothing. Click again to play, it plays for 3 seconds then stops? It's incredible how poor reddit engineering is, but it was dwarfed by management ineptitude.
    - junon 3y ago
      Way more than 5 years. Reddit's video player has been terrible since I can remember.
- chii 3y ago
  why would they remove revenue sources before going IPO? that seems pretty counterintuitive.
  - johnnyanmac 3y ago
    They removed it about 8 months ago, and then 4 months ago they brought it back but with a contributor program. TL;DR you can cash out karma and gold for real money now: https://old.reddit.com/r/reddit/comments/16ryhv9/celebrating_great_content_is_as_good_as_gold/ https://old.reddit.com/r/reddit/comments/16ryhv9/celebrating...

47 points by LinuxBender 3y ago

throwaway118899 3y ago

I’m going to take great personal joy in watching Reddit burn itself alive.

throw_m239339 3y ago
Reddit founders just want to cash in. u/spez made $200M last year in compensation which made him one of the highest paid CEO in the bay area. they simply couldn't give 2 fucks about what happens after the IPO, they know their site is a liability , riddled with depravity... and Google wants to train its AI on that crap?
- Accujack 3y ago
  Think about it... Google could train its AI to recognize malicious behavior for moderation purposes, to recognize astroturfing and manipulation of public opinion (for purposes of stopping it or carrying it out). There's not much value in training it to simulate a redditor, but there's a lot in modeling bad behavior.
- waitforit 3y ago
  "Only" a million of that was in cash, the rest was in stock awards and stock options. So he has to care about what happens after the IPO. https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm#i1b9a579e78a34dfa99f7f26daeec195b_94 https://www.sec.gov/Archives/edgar/data/1713445/000162828024...

sathishn 3y ago

I guess following X's path of membership after going public might make it sustainable.

thot_experiment 3y ago
No it absolutely won't because they won't have people there making the site relevant and good, in the exact same way X is a site that had value and now it's below the threshold where it's worth my time.

pangolinja 3y ago

Reddit has also spent the last four years alienating all the long time users who would put money in, so I guess this is just for Sam Altman? those of us who know about Spezs penchant for Jailbait and Cannibals. You know, the stuff that got him compromised by Ghislaine in the first place.

johnnyanmac 3y ago
Also for Spez. IPO, become a billionaire, bid farewell to Reddit after however long he's contractually obligated to stay, and... well, idk. I guess many billionaires aren't satisfied with merely retiring with more money than multiple generations of families can ever hope to spend. I suppose find another business to extract from? Or lobby?

fallingfrog 3y ago

With all the major social media sites committing suicide via enshittification, it seems like forums might be primed to go back to being mostly small and local again (discord etc). Reddit though, I’m really going to miss since they’ve avoided pissing in the pool they swim in longer than most of the others. And, because the only google results that are useful anymore are the ones where you append “Reddit” to the end of your search. I think, on some level, the people who own and run these sites don’t actually understand where the value in them comes from. Namely, the quality of the interactions between users. By replacing those interactions with paid advertisements or by making moderation more difficult they are directly attacking the very thing that makes the site useful. And they don’t understand that. More likely in this case, they don’t care. The game they are playing is to try to turn human interaction into money, and you can’t do that by making the interaction better. The point of advertising, after all, is not to reveal truth but distort it in order to manipulate the user. What we need is a Reddit type of site that’s run more on the Wikipedia model and less on the Facebook model. The original version of google seemed like magic because it provided such easy results- but you have to remember that google didn’t generate those results. The links between topics came in the form of hyperlinks between documents that were set up one at a time by human beings, and google merely mined those links to fuel its engine. Later on, people stopped creating hyperlinks, and so google’s search mostly stopped working. So it’s no wonder that Reddit’s hand curated forums are now a better source of information.

themoonisachees 3y ago
Reddit on the Wikipedia model is Lemmy.
- johnnyanmac 3y ago
  I wouldn't call Lemmy a Wikipedia model. There's no peer review to try and establish a base of knowledge. You're only so free to edit "entries" in that you can fork off a federation and make your own to host. I'm not even sure if the models are compatible. Reddit was designed to cycle through modern news and discussions, focusing on presenting the new over the important/relevant, or the most agreeable over the most well written/researched. Reddit plays to the Wisdom of the Crowds, Wheras Wikipedia at least attempts to fight the popular opinion through uses of credible, professional sources (which sometimes works against the idea of being a "base of knowledge")

IronWolve 3y ago

They removed premium accounts, removed people buying awards before going ipo too.

thot_experiment 3y ago
Ahahah seriously? What incredible mismanagement, I met someone who worked at reddit on the product 2 years ago at a superbowl party and they made fun of me for wanting to use the old.reddit.com site over the new one. It was wild, I really expected a wry smile like "yeah i know it sucks but we gotta do it cause the execs want it". It was crazy to me how much they didn't understand their userbase or product.
- rightbyte 3y ago
  Organisations can't pretend. They will start believing their own lies.
- 0xy 3y ago
  It's been 5 years and they haven't figured out how to make a video player yet. Neither the old version or the new version work. Click to play, nothing. Click again to play, it plays for 3 seconds then stops? It's incredible how poor reddit engineering is, but it was dwarfed by management ineptitude.
  - junon 3y ago
    Way more than 5 years. Reddit's video player has been terrible since I can remember.
chii 3y ago
why would they remove revenue sources before going IPO? that seems pretty counterintuitive.
- johnnyanmac 3y ago
  They removed it about 8 months ago, and then 4 months ago they brought it back but with a contributor program. TL;DR you can cash out karma and gold for real money now: https://old.reddit.com/r/reddit/comments/16ryhv9/celebrating_great_content_is_as_good_as_gold/ https://old.reddit.com/r/reddit/comments/16ryhv9/celebrating...