The social network and content aggregator Reddit has, according to the company itself in October 2020, a base of 55 million active users per day. Which represents an increase of almost 45 percent compared to the same month in 2019.
There is no data for 2021, but everything indicates that it continued to grow. And a lot.
In tune, the advertising business around Reddit has also advanced. In 2019 (there is no data for 2020) it generated more than US $ 100 million in revenue for the network. And it is known that the goal for last year was to raise that account by 70 percent.
While it is true that these numbers place Reddit very far from other social networks such as Facebook, with more than 1.8 billion users in activity per day, or from Twitter, with an average of 190 million daily monetizable users, the truth is that it is growing exponentially.
This forces those who are in charge of the digital marketing departments of companies or work for brands in agencies, to consider the development of communication strategies on Reddit.
You have to remember an old premise that applies to almost all areas of life: whoever hits first hits twice.
A financial data that shows that Reddit is still on the rise is that this Thursday it was known that it will raise up to US $ 700 million in a fundraising round led by Fidelity Management.
This will make the company’s value triples to more than US $ 10 billion.
Reddit gained notable relevance this year when one of its massive discussion forums took place one of the great blows to Wall Street, causing great losses to funds that operate with “short sale” of shares by causing the titles of two to rise. Disgraced firms, GameStop and AMC.
A few days after those phenomena, the value of Reddit had already doubled to $ 6 billion.
As is officially known, Reddit has 100,000 active communities (until January 2021).
Its investors include venture capital firm Andreessen Horowitz, and funds such as Sequoia Capital, TencentHoldings and rapper Snoop Dogg.
Reddit “steals” former Facebook employee
Last month, it became known that the social network focused on the discussion of topics under the supervision of moderators, hired a new vice president of marketing.
Who is it? Timo Pelz, former marketing director of Facebook, promoter of the most successful marketing projects of Mark Zuckerberg’s company, including Instagram.
Pelz will have the difficult task of redesigning the go-to-market strategy for Reddit’s ad products.
It will also have under its orbit the advertising messages of current and new products and the organization of events.