this post was submitted on 30 Oct 2024
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Technology

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Reddit is profitable for the first time ever, with nearly 100 million daily users (www.theverge.com)
submitted 1 month ago by alyaza@beehaw.org to c/technology@beehaw.org
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Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

In a letter to shareholders, Reddit CEO Steve Huffman attributed the recent increase in users to the platform’s AI-powered translation feature. Reddit started letting users translate posts into French last year before expanding to Spanish, Portuguese, Italian, and German. Now, Huffman says Reddit plans to expand translation to over 30 countries through 2025.

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[–] Sibbo@sopuli.xyz 10 points 1 month ago (4 children)

Congrats to them. Sad though that they had to go as low as selling their users out to AI training for that. And context sensitive advertisements in social media are also more a drag to society. But hey, they did it.

Maybe now they can shift to more ethical business models?

[–] thingsiplay@beehaw.org 12 points 1 month ago

They wouldn't, even if they knew how. Because unethical makes more money.

[–] iii@mander.xyz 8 points 1 month ago

Maybe now they can shift to more ethical business models?

You can't honestly expect that?

[–] vodkasolution@feddit.it 3 points 1 month ago

That. Apart the last sentence, obvs.