Redditors, as users of the popular social-like website that gives users a wide range of groups to use in order to facilitate discussions about certain topics. People can learn about and discuss topics like sports or politics, and those broad categories would also have subgroups so that it’s easier to find more specific information and conversations. Investors hope Reddit could become a good company and investment, similar to Facebook after it went public, and now the company hit a valuation of $3 billion following $300 million of Series D funding, Pymnts reports.
Facebook and Google continue sucking up most of the digital advertising space. Recent layoffs at notable news organizations have highlighted this problem. A CNBC report said that Reddit plans to tap into that market and take away some of the stranglehold those two tech giants have on internet advertising.
Facebook users can see advertisements during their browsing experience and will notice that they’re targeted. CEO Mark Zuckerberg said he didn’t want a website with advertisements back in the beginning days of Facebook. Internet-browsing consumers will also notice ads for products they searched for on Google following them around to seemingly every website. The full extent of what happens to the massive amount of data companies collect on users is not understood, but the market is clearly lucrative, if only a company could tap into it.
Advertising on Reddit isn’t as wild as it sounds. Pymnts notes that Sen. Kamala Harris (D-Calif.) tried reaching out to younger generations by advertising on Reddit. Toyota rolled out advertisements on Reddit in the past too. Pymnts found a number of investors who most people would recognize, from the rapper and entertainer Snoop Dogg to Fidelity, a financial services company. Tencent, a major Chinese player in the technology sector, pumped over $150 million into Reddit.
Reddit CEO Steve Huffman spoke to CNBC about the importance of tapping into advertising revenue and how the company planned to compete with the seeming juggernauts of Google and Facebook. “When we are talking about competing for ad dollars, of course we are talking about Facebook and Google, who take up the vast majority of ad spend,” Huffman said. “We are competing with anybody, or anywhere people spend their free time.”
While Reddit may not have congressional hearings to testify at because a foreign adversary manipulated its services for the sake of waging disinformation campaigns against entire countries, the company has had its fair share of problems that could scare off more investors. As a fairly open online forum, the likelihood of abuse increases, but that’s why Huffman said that his company is “free from abuse and other kinds of misbehaving.
“One of the things that’s been very important to us is that we can now assure advertisers that you are going to have a positive experience on Reddit and potentially even a new experience, a new way of connecting with customers,” Huffman said.
Reddit, which was founded in 2005, has at times been under the microscope for rampant harassment and abuse issues. Huffman said the company has implemented tools to combat this kind of behavior, and that he’s made a commitment to advertisers to make sure the platform is ”
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