In the second quarter of 2021, Reddit raked in more than $100 million in revenue, representing an almost 200% increase over the year prior. Growing engagement has led to considerable gains in advertising revenue, according to the company. And here’s a figure that should be especially enticing for companies looking to connect with potential consumers: Over a quarter of Americans who make more than $75,000 say they use Reddit, per Pew. As a private company, data can be hard to come by, but Reddit has disclosed that daily active users hit 52 million in October 2020, up 44% over the same month a year prior.Ī recent Pew Research Center survey found that 18% of Americans say they use Reddit, up from 11% in 2019. Perhaps more importantly, Reddit’s user metrics are seeing robust growth. Reddit’s best attribute is pretty obvious: It’s pretty popular! More than 50 million people were counted as daily active users of Reddit as of January 2021-the latest figures available-contributing to more than 50 billion monthly page views. The question for potential investors is whether raising billions through an IPO will allow Reddit to invest in future growth so it can rival its competitors’ reach, or whether the company will ever enjoy anything beyond niche status in the social media ecosystem. Reddit’s most recent funding round yielded $700 million, valuing the company at $10 billion-or about a seventh the size of Snap ( SNAP), parent of Snapchat. The announcement will undoubtedly be thrilling (or disappointing) for millions of dedicated Redditors, but this won’t be the largest IPO of 2022 by any stretch. This marks the company’s first step towards an initial public offering ( IPO). Reddit, the popular online community with tens of thousands of subgroups dedicated to interests as varied as cryptocurrency to a childless existence, announced that it has filed a confidential report with the Securities and Exchange Commission (SEC).
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