Reddit publicly files IPO papers, detailing plans to license data, sell more ads

Social-media platform Reddit — the home of AMAs, Wall Street Bets and thousands of other online communities — publicly filed its registration statement for an IPO on Thursday, detailing plans to push further into advertising, data sales and analytics, and what it called its budding user-driven economy.

Reddit also said it would offer some of those shares in the IPO to its users and moderators, depending on their reputation and contribution to the platform. Those participants would need to be over the age of 18, live in the U.S. and have an account on or before Jan. 1. Reddit, in its IPO prospectus, also warned that user engagement can come and go based on big cultural events — like the pandemic or Russia’s invasion of Ukraine. And it cited the prospect of rivals copying its own features as a potential risk.

Reddit said it takes a cut from avatar creators’ earnings, and said building out the user economy would “allow us to grow new revenue streams beyond advertising.” Reddit also said it was “in the early stages of allowing third parties to license access to search, analyze, and display historical and real-time data from our platform.” Customers, it said, could pay for real-time data feeds of anonymous, public discussions on Reddit. The filing also said the content on Reddit could be used to feed AI and large language models.

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