[…] a dearth of profit this late into its existence portends the lack of a real business model, suggesting it’s still not ready for public company life.

    • athos77@kbin.socialOP
      3·
      9 months ago

      That’s actually the thing that gets me about this whole situation. They don’t create the communities. They don’t create the content. They don’t add comments. They don’t upvote or downvote content or comments. They don’t moderate their communities. They don’t really respond to support tickets, and rely on other users to help others out. That’s a lot people they don’t have to pay.

      Imgur was created because reddit refused to host native images. They refused to host native video. If you change or delete something, they only keep one version as backup. The vast majority of their content is text. Their storage and bandwidth needs should be comparatively minimal.

      They’ve spent decades refusing to upgrade the user experience: RES has all the features reddit refused to make. The moderator toolbox has all the moderator tools reddit refused to make. The apps have all the features and all the disability features reddit refused to make. Their own app is something they bought from the original developer for a minimal amount of money - and then they made it worse.

      What are they spending their money on? Reddit crypto was a failure. Reddit NFTs were a failure. Reddit streaming events (RPAN) was a failure. I’m sure they invest money into their April Fool’s thing, but how much does that really cost?

  • TheaoneAndOnly27@kbin.social
    0·
    9 months ago

    This is going to be like Robinhood all over again. It’s going to go public. It’s going to shoot up in valuation, insiders are going to sell, and then it’s going to crash back down.

    • TropicalDingdong@lemmy.world
      01·
      9 months ago

      then it will go back up because people are too fucking lazy to leave a predatory piece of shit product even if they know better.

  • Nobody@lemmy.worldEnglish
    0·
    9 months ago

    Reddit waited out the near-zero percent interest that persisted for over a decade and are now finally pulling the trigger on the IPO with interest rates sky high and investors skittish. The punchline is that the Fed is about to lower rates over the next year, which will make speculative investments more attractive again. They delayed all this time and destroyed the site with all their for-profit changes only to go forward on the IPO at the worst possible time.

    So, Reddit’s standard level of competence.

  • Binthinkin@kbin.social
    0·
    9 months ago

    Reddit is the biggest grift known to humankind by sheer volume. They do nothing but dev work and that all falls on how to serve ads and not break the free moderating, posting, and commenting.

    Fuck Reddit I hope it becomes Deaddit.