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Reddit Advised to Target at Least $5 Billion Valuation in IPO
(www.bloomberg.com)
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this post was submitted on 29 Jan 2024
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$5 Billion for a chronically unprofitable, niche social media platform in an already crowded field. Yeah, Ok. You'd get a better return on your investment if you just burned the money for heat.
"niche" website in a crowded field....that is also the top 9th most visited website in the world, above tik tok.
https://en.m.wikipedia.org/wiki/List_of_most-visited_websites
I love how xvideos comes before x/shitter ๐
Reddit is niche when it comes to social media. It caters to a particular group of people and has its own style of both content and engagement, just like Facebook or Tiktok have their own styles. I would argue reddit is, in some ways, more like an old school forum with a fresh coat of paint. It requires more effort from the user to engage with than some other social media platforms. The content can be a lot "heavier" and it's not centered around people and/or personalities. To be clear thats something I liked about Reddit but I don't think it really resonates as much with the average user.
Site visits are just one metric and, while it's an interesting metric, it doesn't say much without a lot more context. OK, so a lot of people end up visiting Reddit. Why? Is it intentional? Is it because every third Google result is a reddit post? If so, is it driving further engagement? If not, then that benchmark is worth little. If it is driving further engagement, then something else is wrong.
Is reddit really considered social media now? I always have described it as the biggest forum and site aggregator on internet.
I know at some point avatars and some crypto? BS came, but that did not change site fundamentals, reddit to me still feels like the same site I joined 10 years ago especially because I used same reddit client for majority of those 10 years. Only reason why I abandoned it is the closure of free API. That and the fact I dislike management, but if 3rd party clients would not have been nuked like that, I would have probably stayed.
Now I am using same client I used for reddit - Sync, so from UI perspective nothing has changed.
What's Reddit?