this post was submitted on 07 Jan 2024
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SNOOcalypse - document, discuss, and promote the downfall of Reddit.

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In unsurprising news, Reddit prepares IPO (www.businessinsider.com)
submitted 10 months ago by cygnus@lemmy.ca to c/snoocalypse@lemmy.ml
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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.

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[–] GammaGames 24 points 10 months ago* (last edited 10 months ago) (2 children)

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.ee 11 points 10 months ago (1 children)

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 3 points 10 months ago (1 children)

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.

[–] GammaGames 3 points 10 months ago (1 children)

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 4 points 10 months 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).

[–] Semi-Hemi-Demigod@kbin.social 6 points 10 months ago

“What’s your business model?”

“We pay people to post on our site.”