Reddit isn’t profitable, despite having more than 50 million daily active users. In preparation for an IPO, CEO Steve Huffman put the platform’s API
That was super disingenuous and turned me off, too. Like you’re saying, Selig noted that by reddit’s stats, each user cost .12 cents a month and reddit was asking for $2.40. The 3rd party developers provide a service to reddit that reddit could have monetized through various arrangements, such as requiring their ads to be displayed, requiring premium as you said, or a profit sharing arrangement. 3rd party developers were not taking advantage of reddit or demanding free access… they objected to reddit pulling out the rug suddenly and then lying and misrepresenting everything about it.
This has been like going to a restaurant or working somewhere for 8 years and then you finally meet the owner and are WHAT? Fuck that.
It was the setup as well.
Conversations in January saying API and API T&C were not changing anytime soon (clarified to mean multiple years).
The change announced shortly after with 0 concrete details.
Then 6 weeks notice of the details to then implement the changes before costs incurred.
6 weeks notice is fine for consumer stuff, but not business-to-business, and not at the scale of $20m.
