During the Bloomberg Technology Summit, Reddit Inc. announced plans to launch new products that will help them expand their revenue streams beyond advertising and into what CEO Steve Huffman calls the “user economy.” This involves users making money from others on the platform through various means such as selling subscriptions, digital gifts, collectibles, physical goods, and services.
Reddit’s upcoming products include new versions of awards, which are digital gifts users can exchange. Despite the potential risks of scams or fake goods in online marketplaces, Huffman highlighted Reddit’s unique content moderation program as a key advantage. Content on Reddit gains popularity through upvotes from other users, ensuring that valuable and authentic content rises above scams.
In addition to expanding their marketplace offerings, Reddit is also focused on striking data licensing deals with AI companies, entering international markets, and exploring potential acquisitions in areas like search. Huffman emphasized Reddit’s ability to curate quality content among the noise present on social media platforms, setting them apart as a trusted source for authentic interactions.