The self-proclaimed "front page of the internet" is in talks for venture capitalists for another round of funding, which would value the popular link and photo-sharing site at $1.7 billion, reports Bloomberg. The last round of funding Reddit had was for $50 million back in 2014 from investors including Joshua Kushner, Peter Thiel, Marc Andreessen, Jared Leto, and Snoop Dogg. Reddit would not comment on the latest round of funding beyond saying that nothing has been finalized yet. MG
Here’s what Reddit is doing to get serious about making money
Reddit has redesigned its self-serve ad platform to make quick ad-buys easier for advertisers. The move—a week after Reddit announced it would add user profile pages—is part of a bigger focus by the company on profitablity. Here are three big updates:
1) Pay after you post: Previously you would have to pre-pay for your ad and Reddit would bill or refund you the difference.
2) More detailed reporting: Previously you could only view the performance of the campaign over the entire time. Now you can track particular weeks, months, days in addition to CPM, CPC, and click through rates.
3) Run multiple posts: Advertisers can now have more than one post per campaign.
Reddit—whose dedicated users don't always take change easily—has made many attempts to get its advertising model right since 2009, but in the last year it has really ramped up its efforts. You can read more about Reddit's push toward profit in my story today.
Reddit just banned two prominent alt-right subreddits
The r/altright and r/AlternativeRight communities have been used to organize neofascist movements in the past, reports the Guardian, but the final straw for Reddit was the groups' participation in sharing private personal information about someone without their permission. Though Reddit didn't specify whose information was being shared, it is believed it was that of a protestor who punched a white nationalist during a TV interview at Trump's inauguration, says the Guardian.
[Screenshot: Reddit] MG