Reddit is profitable for the first time ever, with nearly 100 million daily users
Reddit is profitable for the first time ever, with nearly 100 million daily users
Reddit is getting bigger.
Reddit just turned a profit for the first time. As part of its third quarter earnings results released on Tuesday, the company reported a profit of $29.9 million, along with $348.4 million in revenue — a 68 percent increase year over year.
The company hasn’t been profitable at any point in its nearly 20-year history. Since going public, Reddit lost $575 million during its first quarter on the market, but it decreased that loss to $10 million last quarter and is now finally in the black.
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.
Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.
Training AI to be even more racist and misogynistic, cool.
Everywhere outside of silicon valley will enact a Butlerian Jihad and a full return to analog machinery within a week of OpenAI releasing their new insufferable redditor-trained chatgpt model.
Profitable, and unusable!
Welcome to the Web 2.0 reddit
Our entire economy is being propped up by the AI grift now. 8 of the 10 largest companies by market cap are either spending all of their CapEx on training AI or selling the hardware necessary to do it (the only exceptions are Saudi Aramco and Berkshire Hathaway). This is just an insane funneling of money into one industry that can only result in one of two outcomes- 1. AGI is achieved and whoever wields it will have godlike power or 2. there is a market crash the likes of which we have never seen before. Guess which is more likely.
I currently train AI (its a gig economy type job). The amount of money being thrown around to produce training data is absolutely insane. Ill make 10 or so prompts in a day (takes like 5-6 hrs) and make $700. And the projects have thousands of others so do the math...
At least the gravy train is spilling over onto me right now but im certain it will dry up in an instant when this AI bubble finally bursts
if google and openai are training bots on that shithole.. oh man we're in for a world of hurt where you can't tell whether someone is a lib or just a bot anymore
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you can't tell whether someone is a lib or just a bot anymore
the company reported a profit of $29.9 million
while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.
Only profitable by exploiting "their" content to LLM farms
So they sold their data for a one off payment and stuffed the platform with so many bots and astroturf accounts that it is effectively poisoned against being a reliable source for future AI data licensing.
Yeah they're so fucking cooked hahahahaha
Profit via theftbox partnership... Genuinely sickening.
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Can't even fucking use it when I have one account temp banned for some actual, straight up bullshit, which triggers a perma ban on my other account, FOR SOME REASON. It is literally impossible to just speak to a fucking admin to get help
Had a third account. It got summarily banned for "hate" for telling the /r/judaism, or Jewish, I don't remember, to "cry more and support more genocide" when they banned me for calling someone a racist jackass (it was a thread linked here about some nurse crybaby sobbing wailfully over- GASP- A PALESTINIAN WEARING A KAFFIYEH) after they equated said kaffiyeh wearing with "wearing a hat that says FUCK JEWS"
There's like 27 different layers of automated moderation automatic banning bullshit ostensibly to stop bots AND YET IT'S STILL FULL OF BOTS
I remember that thread, I got banned from judiasm for saying "grow up"
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looks like the Twitter advertisers have found a new home lol
What about the time when users donated to the site by buying reddit gold? Wasn't the progress bar mostly full back then? Or am I misremembering
bit idea: sell reddit to another billionaire, they ruin the site, and it finally causes class consciousness to arise when they realize billionaires ruin everything they touch
We might be able to go troll Elon into buying it and speed run this whole thing.
:super-troopers: it's already been ruined! you can't ruin it any further!
Amazing, all they had to do was turn into Facebook! Who knew?
I wonder what is a split between native/astroturfed advertisement (with included pisrael bots) and posts marked as advertisement
FUCK.
death to reddit
How unfortunate. I have fantasies of Reddit going bankrupt and all the shitty takes that have ever been posted on that site for the past 20 years getting lost forever. Then all the leftists on there get herded here to Hexbear (and also Lemmy/Lemmygrad, I guess). But of course, someone would tell the insufferable Reddit masses to "go use Lemmy," spawning another abomination like Lemmy.World.
but.. how? how are so many people still using that piece of shit site?
Seriously it's worse than ever and like 60% of all accounts are clearly bots.
Cuz of all the niche subs, every drug and music subgenre has some sort of relevant community on it. Every job has a sub too
how many of those are cia and israeli bots though?
We did it, Reddit.
And more shit than ever!
I visited the Deltarune Subreddit recently and all I saw were people reposting the same tired old "joke" over and over.
No wonder Reddit is great data for LLMs, the people using the site are basically indistinguishable from one.
No it fucking doesn’t.
CIA funding finally is coming through.
I wonder how long it will take for them to actually make back as much money as they lost. You know, actually be 'profitable'.
This is so sad
Yeah right
But at what cost?
life is a damn joke