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Reddit’s IPO Filing Shows Lots Of Losses After Nearly 20 Years
(www.forbes.com)
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this post was submitted on 28 Feb 2024
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Seeing a report like that, that they did all these things to raise funds and are still not profitable, is there any reason why anyone would invest? Surely the price can only go down from initial offering, right? Unless the price started very low.
People who invest are betting that the problems can be solved by a new team or when the company is sold to Facebook.
Imagine thinking that about a company that isn't even doing remotely as well as Lycos.
That's right, it still exists and unlike reddit it's profitable.
I'd imagine reddit could be profitable too if they stopped throwing money at stupid shit like NFTs and avatars. Selling API access for AI training was a good move in terms of bringing in income since it basically costs them nothing, and they could have totally pulled that off without pissing off half their userbase.
They could've also called reasonable prices for api access for 3rd party apps and would have a nice revenue stream now instead of the pr shitshow they got.
I think I have read this suggestion at Reddit: "Make people who wants to use API as clients pay. " The app doesn't have to have API key, user pays a very reasonable money to access Reddit with their favourite application. Obviously it would come with sane for human browsing limits and AI leechers should pay millions.
Just like a plain old radio station where you can access from web page for free but you need to subscribe for better AAC, high quality streams and standard VLC support.
How much do you imagine it costs to make an NFT?
Not the NFTs themselves so much, but the code development to integrate it with reddit for example.