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Reddit is profitable for the first time ever, with nearly 100 million daily users (www.theverge.com)

submitted 2 weeks ago by alyaza@beehaw.org to c/technology@beehaw.org

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Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

In a letter to shareholders, Reddit CEO Steve Huffman attributed the recent increase in users to the platform’s AI-powered translation feature. Reddit started letting users translate posts into French last year before expanding to Spanish, Portuguese, Italian, and German. Now, Huffman says Reddit plans to expand translation to over 30 countries through 2025.

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[–] JRepin@lemmy.ml 77 points 2 weeks ago* (last edited 2 weeks ago) (5 children)

Well and behind it is stealing other peoples' work (posts and comments, moderation and administration) and selling them as yours. The oldest capitalist criminal trick in the book: privatization AKA primitive accumulation AKA enclosure of the commons.

[–] SturgiesYrFase@lemmy.ml 15 points 2 weeks ago (4 children)

I mean, to be fair, I'm nearly positive that the Reddit T&Cs will have said they retain rights to anything posted there for ages. And the AI bubble is already showing signs of deflation or bursting coming not too far down the line. Let them enjoy their first and hopefully only profitable year.

[–] Kichae@lemmy.ca 22 points 2 weeks ago (2 children)

No one is arguing that they don't have the legal right.

But they believe they have the moral right, and they do not.

[–] SturgiesYrFase@lemmy.ml 2 points 2 weeks ago

I never was arguing against that. Also I'm pretty sure their moral compass was pushed by the feds until he topped himself, so nothing about their bullshit has surprised me since.

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