this post was submitted on 28 Feb 2024
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Wait. Why is Reddit losing so much money? (www.businessinsider.com)
submitted 6 months ago* (last edited 6 months ago) by spider@lemmy.nz to c/reddit@lemmy.ml
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Reddit kind of anticipates this critique in its investor docs, and argues that it didn't really start operating as a serious business until 2018 when it finally started "meaningful monetization efforts" — that is, trying to make money for real.

But that's still six years ago. What has Reddit been doing since then?

One big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries...

...What am I missing? I asked Reddit comms for comment but they declined, citing the company's quiet period before the IPO.

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[–] elxeno@lemm.ee 77 points 6 months ago (2 children)

They spend that much in R&D and can't come up with a better UI than old.reddit

[–] _haha_oh_wow_@sh.itjust.works 16 points 6 months ago (1 children)

Can't or won't?

[–] spider@lemmy.nz 5 points 6 months ago* (last edited 6 months ago)

The most accurate explanation is probably don't want to.

[–] EmpathicVagrant@lemmy.world 8 points 6 months ago

The golden age was when they had r/PAN and therapy gecko and that guy that stacks blocks, and everyone with half a musical instrument was on to watch.