Wait. Why is Reddit losing so much money? : reddit

this post was submitted on 28 Feb 2024

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Wait. Why is Reddit losing so much money? (www.businessinsider.com)

submitted 10 months ago* (last edited 10 months ago) by spider@lemmy.nz to c/reddit@lemmy.ml

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Reddit kind of anticipates this critique in its investor docs, and argues that it didn't really start operating as a serious business until 2018 when it finally started "meaningful monetization efforts" — that is, trying to make money for real.

But that's still six years ago. What has Reddit been doing since then?

One big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries...

...What am I missing? I asked Reddit comms for comment but they declined, citing the company's quiet period before the IPO.

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[–] queermunist@lemmy.ml 8 points 10 months ago (1 children)

The purpose of a system is what it does.

[–] agressivelyPassive@feddit.de -4 points 10 months ago (1 children)

"Purpose" is the wrong category here.

[–] queermunist@lemmy.ml 3 points 10 months ago (1 children)

I meant what I said.

[–] agressivelyPassive@feddit.de 0 points 10 months ago (1 children)

Ah yes, a theorem that is so incredibly self-referential, that you could literally justify anything with it.

That's "it is what it is" for snobs.

[–] queermunist@lemmy.ml 1 points 10 months ago

Do you think I was justifying the way things are?

Interesting.