Reddit has struck a lucrative deal with Google, reportedly amounting to $60 million, to utilize its posts for artificial intelligence (AI) training purposes. The agreement also entails Reddit gaining access to Google’s AI models to enhance its internal site search functionality and other features. However, Reddit chose not to respond to queries regarding this collaboration.
Simultaneously, the San Francisco-based company has announced its intention for an initial public offering (IPO), aiming to list its shares on the New York Stock Exchange under the ticker symbol RDDT. This strategic move follows Reddit’s remarkable financial performance, with a net income of $18.5 million in the October-December quarter, marking its first profit in two years. The company reported a revenue of $249.8 million during the same period.
In addition to these developments, Livemint has achieved a significant milestone by emerging as the fastest-growing news website globally. Users can now access a wide array of benefits on the platform, including insightful newsletters, real-time stock tracking, breaking news updates, and a personalized newsfeed, all just a click away. It’s indeed a remarkable time for online news consumption.
As Reddit continues to expand its partnership with tech giants like Google and gears up for its IPO, the platform’s influence in the digital realm is set to grow exponentially. With a renewed focus on enhancing user experience and exploring new revenue streams, Reddit is poised to solidify its position as a key player in the ever-evolving landscape of online content sharing and consumption.
