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this post was submitted on 22 Jun 2023
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Technology
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It does certainly seem like it, but what exactly are they trying to achieve? They don't have an IPO yet and even if they got one now it would be devalued over before the shit show. And with every new day reddit shows potential investors that they have absolutely no control of the situation, and just doubles down on idiocy.
How is it supposed to make money at this point?
Ad revenue should convince the investors. Who cares if there’s no real content besides automated reposts and bot spam, as long as there are some users who they can shower with an endless stream of ads.
Yeah, and with ip logs and ad click throughs and people also providing comments that can form a personality type that type of data can be useful to marketers to see what people with certain interests go on to buy. Add downloading the official app on smartphones with the permission requests, and that's even more data to provide. Especially if the app is able to get info like your email address or phone to then connect to a public directory.
Memory is short on the internet. Reddit are hoping for this to blow over "quickly" (i.e. in a month or two) because they know the bulk of their users will continue to show up (out of inertia or a lack of viable alternatives). If they can keep the front page showing decent posts, they think they'll make it through.
I think the knock-on effects of losing mods and "power users" will take some time to play out. The real long term effects won't be known until it becomes clear that the loss of those key users has effected the quality of the posts and therefor usage by your "average Redditor."