Reddit will enable “an unnamed massive synthetic intelligence firm” entry to its user-generated content material platform in a brand new licensing settlement, in line with Bloomberg yesterday. The deal, “value about $60 million on an annual foundation,” the outlet writes, may nonetheless change as the corporate's plans to go public are nonetheless within the works.
Whether or not that's true or not—in spite of everything, probably the greatest methods to get round search engine marketing spam in search outcomes is so as to add the phrase “Reddit” to your search question—Reddit has proven it's prepared to play hardball earlier than. Final 12 months, it managed to journey out the most important protest in its historical past after adjustments to the pricing of entry to third-party APIs precipitated the builders of Reddit's hottest apps to close down.
As Bloomberg writes, Reddit's year-over-year income was up 20% by way of the top of 2023, however was nonetheless $200 million shy of the $1 billion aim it set two years in the past. The corporate has been tipped to hunt a $5 billion valuation when it opens for public funding, which is predicted to occur in March. That's half the $10-15 billion it could have fetched the final time it went public in 2021, earlier than a market downturn prevented it.