- cross-posted to:
- reddit@lemmy.world
- technology@beehaw.org
- cross-posted to:
- reddit@lemmy.world
- technology@beehaw.org
This video shows that Reddit refused to delete all comments and posts of its users when they close their account via a CCPA / GDPR request.
This is one of the many legal issues Reddit now has.
Reddit is very clearly eying an ipo, but who really wants to invest in this dumpster fire.
I’m not an investor but I l personally wouldn’t invest in a website as shortsighted as Reddit.
In an industry as cutthroat as social media having a site as active as Reddit, for 18 years. Should be celebrated.
In this world, where platforms live and die in the span of single years, why would Reddit throw away a formula that has worked for nearly 20 years.
As an investor, I can say with near certainty that the objective is extremely “short” sided.
Easy question to answer: they aren’t profitable and the free money of years of near 0 or 0% interest rates is over. The constant VC dried up and the website is insolvent. They have a massively bloated staff roster. They’re going to die if they don’t make a major change.
And at the same time, all “traditional” monetization strategies for websites like these just… don’t work with the way Reddit works. Making the changes they need to make will kill the site.
They never cooked up a monetization strategy that would work for them. They procrastinated. They felt free money would continue forever and underestimated how reliant their site was on volunteer labor. They got distracted by stupid side projects instead of refining the core product.
Reddit will absolutely survive all this. I expect it to still exist, at the end of the day. But it’ll be smaller, and what remains will be a soulless shit hole. And it’ll still be borderline insolvent.
If I could get a controlling interest for fifty bucks I’d chip in on that.