Currently sitting on the toilet and browsing reddit trough Apollo one last time ๐
this post was submitted on 30 Jun 2023
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To be fair, they allegedly weren't profitable.
Which I prefer. I'd prefer a general communal forum to be non-profit, user supported, and moderation decentralized.
Allegedly, yes. Where did the millions of dollars of revenue go, from all the ads and sponsors (which completely infest their app)?
Reddit execs decided they needed thousands (?!) of employees, despite mods running the subreddits for free. They could never make an app as fully featured as those with literally one employee. And it took years for them to deliver promised features and mod tools (many are very recent or still unavailable).
Lemmy and Mastodon, and all their apps, are running thanks mostly to a few dozen awesome people and donations.
Where did Reddit's millions of dollars disappear to again? And how is that not damning proof of their current execs incompetence?
(Note: I direct this /rant in Reddit's general direction.)
It's easy to make $300,000,000 in funding into a "nonprofitable" company.
You just pay the people running it more than you have. Then usually claim loses on your taxes.
Sure it wasnโt profitable, but the money they were asking for was insane.
No one was against them charging for the api, they were against the insane prices and how the whole thing was handled.
Spez just trying to cash out as much for the IPO and fucking it all up.
Any company can be unprofitable if you have 100x the staff you need working on features that make the site worse or are scams
Allegedly, but reddit also spent tons of money on stupid shit. My favorite example is their braindead stupid million dollar Superbowl ad, but they also doubled the number of employees to 1400 in 2021. And all they have to show for it is a slow, ugly website and a trashy, extra-monetized mobile app. Fuck em.
Oh definitely fuck em. I'm just saying, they didn't have a "good thing going" where they could just sit back and make millions.