Reddit, the 19-year-old social media platform led by CEO Steve Huffman, announced plans to launch new products related to its marketplace efforts at the Bloomberg Technology Summit. The company recently surpassed sales expectations in its first earnings report as a public company, and is now looking to diversify its revenue streams by focusing on what Huffman calls the “user economy” – allowing users to make money from others on the platform.
While other social media platforms have established marketplaces for buying and selling goods, Reddit views Meta Platforms Inc. (with Facebook Marketplace) and neighborhood app Nextdoor as competitors. In the near future, Reddit plans to introduce new versions of digital gifts called awards, among other products.
Huffman highlighted Reddit’s unique content moderation system as a key factor in preventing scams and fake goods common on other social media marketplaces. On Reddit, content gains popularity through “upvotes” from users, ensuring that valuable and authentic content rises to the top. Huffman underscored that Reddit excels at highlighting good content amidst a sea of noise.
In addition to launching new products and expanding its marketplace efforts, Reddit also has plans for data licensing agreements with AI companies, entering international markets, and considering potential acquisitions in areas like search. The company continues to explore opportunities for growth and expansion beyond its current scope.
