Reddit has never turned a profit in nearly 20 years, but filed to go public anyway
cnn.com
Reddit has never turned a profit in nearly 20 years, but filed to go public anyway::Reddit, the message board site known for its chronically online userbase and for originating much internet discourse, filed for its long-anticipated initial public offering on Thursday.
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Problem is the entire concept of a site like reddit being "for profit" in the first place.
I know we all wax nostalgic about the old non-centralized Internet with its various small websites and forums, but one thing I do genuinely miss from those days was that those places existed because the people running them wanted them to exist. They had ads or took donations to keep the lights on, but no one was looking to get rich. Passion, not profit.
The decentralized internet was run more by people, the centralized internet is run by board rooms.
That's why I like the idea of the fediverse. That is why this place feels familiar to those early days.
I still remember clicking a bunch of irrelevant ads for knives and other weird shit on a forum I visited regularly because the owner said they get slightly more money when ads get clicked on site.
I'm doing my part!
And in the days before tracking cookies, doing that didn't ruin all the ads you'll ever see again
Ads don’t even bother me inherently. It’s part the maximum obnoxiousness of them these days, of course. But most of all, if I do manage to see an ad (like in a mobile app), I get irrationally annoyed at the fact that it is supposed to be tailored to me and yet here I am looking at a 20 second unskippable ad for something I would never in a million years care for.
There was a simple version of reddit that could be profitable without compromising what made it enjoyable for the users, but the suits had to go chasing after a bunch of fads (remember bow they tries to produce a series of video AMAs?).
The "old internet" hasn't gone away. It's easier than ever for your average person to set up their own website. Look at all the shit you can do with WordPress, usually for free and usually with minimal technical knowledge or experience. Reddit/Facebook/Google/etc have done nothing at all to prevent people from doing that. The people still choose reddit/Facebook/google. I don't know we're supposed to change that without actually removing people's freedom of choice.
In my opinion/experience, it's for a few reasons. People are marketed these centralized platforms, typically they're very/fairly simple to use, and those platforms already have an established userbase. Combined with the other factors, the userbase will keep growing, which also incentivizes Even more users to adopt the platform.
For most people, there's no incentive to use some small random forum. And these small random forums aren't typically run for profit, meaning people aren't paying for ads for their niche forum or hobby website because it's just a hobby, not a business run for profit. Whereas people will see countless ads for Instagram or TikTok. Typically, people who don't block ads, and use these sorts of media didn't care enough to bother looking for alternative platforms, they couldn't even be bothered to set up an adblocker.
I have no qualms with a person making a comfortable living off of building a website like Reddit. None at all. I’d rather have someone who’s able to dedicate their full time and even a team to making an experience great for users and making a very healthy living off of it.
But yea, spez is a greedy fuck and the ELT at Reddit are all greedy fucks. Reddit has no business being a publicly traded company.