Reddit is worth $ 10 billion
Reddit's text- and photo-based message boards have 52 million daily visitors.
Reddit has been valued at $ 10 billion in a new round of funding. The company announced this on its blog. The $ 700 million funding round led by Fidelity Investments has increased the value of social news aggregator Reddit by 67 percent since the last round in February.
The value of Reddit, with its traditional text and photo-based message boards, more than tripled in two and a half years. "We are optimistic and encouraged because we are not only equipped with the resources and capital to continue our growth path, but also because our investors want to support our vision and deepen their participation in our future," said the Reddit team.
Upon completion of the funding round, the privately held Reddit company has received a total of $ 1.6 billion in funding to date. More than 52 million people visited the platform every day in the fourth quarter of 2020 to exchange ideas.
Reddit has little advertising revenue
However, Reddit can generate far less advertising revenue with its special user base than other social media platforms of similar size. In the second quarter of 2021, advertising revenues are said to have reached 100 million US dollars for the first time. Even Twitter had $ 1.2 billion in revenue over the same period, with 206 million daily users. The revenue of the Facebook group amounted to 29.1 billion US dollars in the second quarter of 2021.