Reddit has Seen an Increase in Its Shares and Users in Q1 of 2024

Ever since Reddit has become a public social media company, its shares are increasing, its shares have increased to 30% after it first became public on 21 March, 2024. Now its website and app has given tough competition to TikTok in terms of traffic. In Q1 of 2024, Reddit has seen 35% YoY on the visits to its website. As compared to reddit, TikTok has only seen 19% YoY on its traffic. Instagram got 7% YoY in Q1 of 2024 and Facebook has only got 4% YoY. Reddit’s traffic to its ad portal is also higher than other social media platforms.

The ads on Reddit’s website have seen growth of 44% YoY as compared to TikTok that only got 29% YoY. Twitter has seen a growth of 29% YoY on its ad portal and Snapchat has got 28%. It is worth mentioning here that Reddit has only 72 million monthly users, which is lower than the number of users on social media apps (128 million). Even with this low number of users, reddit is seeing a positive growth on the platform while other social media sites are getting down in number of users. Overall, Reddit saw a 3% increase in its users as compared to -5% average on other social media websites and apps. The site with the most decrease in number of users was X (-8%) while Facebook saw the least decrease in the number of its users (-3%).

Similarly to the monthly number of users, Reddit has the lowest daily active users that is 29 million but it should be 75 million average. If we talk about the ages of users on Reddit, it has most of the younger audience between the ages of 18 to 34 that makes 66% of the total users in the last month. Users between the ages of 18 to 34 are only 59% on X and 53% on TikTok. Only 29% of the users between the ages of 35 to 54 and 8% users older than 50 years use Reddit. The percentage of users of ages 18-35 slightly decreased from 67% to 66% on Reddit while on apps like X and Facebook got increased by 1%.
Charts: Similarweb

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