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"Advertising on Reddit is rapidly evolving, and we are still in the early phases of growing this business," Reddit wrote in its IPO filing. The company said advertisers were attracted to Reddit due to its "high-intent" audience, much of which is hunting for product recommendations. And elsewhere, Reddit doesn't have the kind of e-commerce structure that Meta, TikTok, and Google have built, experts said. It has poached ad talent from companies like Pinterest and Meta to grow its ad business. Also last year, Jim Squires, a former longtime Meta ad exec, joined Reddit in a new role as EVP of business marketing and growth.
Persons: it's, Reddit, Reddit hasn't, Brad Kay, Reddit didn't, haven't, TikTok, Jerry Daykin, Daykin, Carly Carson, Reddit doesn't, Anthony Macro, Harold Klaje, Klaje, Jim Squires, Jeff MacDonald, That's, MacDonald, PMG's Carson Organizations: Google, Business, Brand, Meta, Beam Suntory, PPC, Reddit, YouTube Locations: Meta
Fidelity marked down the value of Reddit shares, a developer revealed details about new fees. Insider previously reported that Fidelity's Growth Company Fund had already marked down its Reddit stock in January disclosures. OpenAI disclosed in research that Reddit was among its massive number of sources used to train the underlying AI models. I asked ChatGPT if it is going to pay for Reddit dataI asked ChatGPT if it is going to pay for Reddit data. With its new battle against OpenAI, it's clear that Reddit feels similarly about misuse of online content.
Persons: Reddit's, Reddit, didn't, Harold Klaje, OpenAI, hasn't, Steve Huffman, Christian Selig, He's, We've, Taylor Swift Organizations: Fidelity, Techcrunch, Growth, Fund, Bloomberg
A Reddit spokesperson declined to share the number of employees the company had let go so far, or planned to in total. In total, 10 former Reddit staffers who lost their jobs in January told Insider they did not consider themselves low performers based on their past feedback from the company. One current staffer told Insider they felt they may have been on the chopping block in January and narrowly avoided a termination. Some moved from business development jobs to work on creator services within its community-management and product teams, the Reddit spokesperson previously told Insider. Reddit also informed employees about a cut to some benefits late last year, eight current and former staffers told Insider.
Reddit has begun letting go of some employees this month as it evaluates staff performance. Several impacted staffers worked across the company in roles like data science and community management. Among those impacted in January were employees who worked in data science, software engineering, community management, and creator relationships. Insider was unable to determine the total number of Reddit employees who were let go during the month. Reddit said it plans to backfill most of the impacted roles, and may adjust or move staff to other teams.
Media companies are cutting staff, but Reddit is still hiring in ad sales. Since massively re-organizing its ads sales team over two years ago and hiring Pinterest exec Harold Klaje to be VP of ads, the size of that team has quintupled, he said. Because of the growth of the ad sales team, Klaje has been promoted to be Reddit's first-ever CRO. Redditors are notoriously protective of their privacy, so Reddit never let advertisers target individual users. He added that Reddit is still hiring and its sales team will expand in 2023, though he declined to say by how much.
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