Reddit expected to grow exponentially as the social network has invested a lot on new experiences including video, audio and virtual economy

Reddit is one of the most famous social media forum in the world as it is the network of communities based on the likings of the people, the users can find the community according to their interests and they can become part of it. There are almost 430 million monthly active users on Reddit and the social media platform is expected to grow even further up to double its current size. After punching under its weight for many years the company is building new tech and is testing with charging users around the world. This social media giant has even more users than Twitter and one of the top twenty sites in the world and it is the perfect aim to increase the size when the site has a strong following around the globe.

As a business, its assessment is a fraction of its contemporaries, and so too its revenue, as a cultural trend, it’s side-lined as a geeky chase. But now, the company has decided to turn that over, the operating officer of Reddit Jen Wong said it. Wong became a part of Reddit in the year 2018, and said that this firm is investing a lot, raising money from different sources, the firm is also growing all over the world as the firm is testing new features like videos, audio, and digital economy. Reddit is also recruiting a lot of people and it is expecting to become double its size at the end of this year, maybe 1,400 people.

During the COVID-19 pandemic, the company has experimented with live videos, and audio presents, and joining a massive selection of social networks to duplicate the panel discussion app Clubhouse, and presenting livestreams on the sites for communities, whether small or huge, who want to clone their online meetups on the internet. This company has started testing daring new business prototypes for a social site by charging its users. For some years, the company made a deal with its users to donate to the site in exchange for the ad-free experiment named Reddit-Gold, and the users could also send this Gold as a reward for quality content.

Wong says that this tactic has been turbocharged, the users are now able to deliver and receive the dizzying range of prizes, all bought using the real money, or through signing up for Reddit Gold now named Premium with a total sum of $50 as a yearly fee. Advertising is still a major part of the revenue of this company but when the company has started concentrating the premium business last year, it has increased its take up to double. Reddit is also revamping the experience of users and it also dispensing with another worrying remnant of its past that was a noxious community that could flourish under the site’s lenient rules. Reddit mostly runs on the volunteers’ moderators who build the communities they run as they see perfect. For the major part, the system works as every community sets its own regulations, but the problem comes when one community set the toxic rules for itself and Reddit acknowledged in the year 2020.

All the communities on Reddit must obey the rules in a good faith and the social media had to ban Donald Trump for not doing that. Wong said that we firstly grew our teams because we wanted to impose our rules on communities but the thing that is unique about Reddit is the idea of the layer of moderation. The social media said that it is trying its best to support the communities and moderators in it through a scalable model and it will make its rules at the top of the list.



Read next: New Data shows for the month of April, Google Chrome is the only web browser that hasn’t observed a major drop in its market share

No comments:

Post a Comment