Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”
Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing.
The company said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared to a net loss of $158.6 million the year prior.
Its market debut, expected in March, will mark the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.
Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.
Objectively, Reddit is no different than slashdot, fark, digg, etc that came before it. If they fuck up the user experience, the users will move on.
The value in reddit is the user base. It’s multiple times bigger than your examples.
In most conversations you’ll still see people using it for niche communities. It’s almost too big to fail
I think the fact that you say “still” is pretty telling. They’re already pushing users away and making the experience worse and they don’t even have investors chasing quarterly reports yet.
Niche communities tend to have few users though, and it doesn’t take long for people to get organised, pack their shit and move to another platform