Reddit is now treading the well-worn path of many platforms before it: the quest to gather a large enough user base to attract brands without alienating its core audience.
This journey isn’t new; it’s been on this trajectory for the past six years. However, since going public in March, the pace has certainly picked up. The plethora of hires, introduction of new ad products, and agency tours that have ensued since then demonstrate just how rapidly the business is evolving. And with its first earnings update as a public company looming, it’s clear that Reddit will need to move even faster in the future.
Let’s kick off with the silver lining: daily active users skyrocketed to 82.7 million in the quarter, marking a 37 percent increase compared to the same period last year. With such a surge in user engagement, advertisers naturally followed suit. Over the same period, ad revenue surged by 39 percent, totaling an impressive $222.7 million.
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The original post is at Marketing Archives – Digiday
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