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Reddit just turned a profit for the first time. As part of its third quarter earnings results released on Tuesday, the company reported a profit of $29.9 million, along with $348.4 million in revenue — a 68 percent increase year over year.
The company hasn’t been profitable at any point in its nearly 20-year history. Since going public, Reddit lost $575 million during its first quarter on the market, but it decreased that loss to $10 million last quarter and is now finally in the black.
Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.
Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.
Training AI to be even more racist and misogynistic, cool.
Everywhere outside of silicon valley will enact a Butlerian Jihad and a full return to analog machinery within a week of OpenAI releasing their new insufferable redditor-trained chatgpt model.
it would be really beautiful to see people smashing waymo cars with crowbars and bats
Profitable, and unusable!
Welcome to the Web 2.0 reddit
Our entire economy is being propped up by the AI grift now. 8 of the 10 largest companies by market cap are either spending all of their CapEx on training AI or selling the hardware necessary to do it (the only exceptions are Saudi Aramco and Berkshire Hathaway). This is just an insane funneling of money into one industry that can only result in one of two outcomes- 1. AGI is achieved and whoever wields it will have godlike power or 2. there is a market crash the likes of which we have never seen before. Guess which is more likely.
I currently train AI (its a gig economy type job). The amount of money being thrown around to produce training data is absolutely insane. Ill make 10 or so prompts in a day (takes like 5-6 hrs) and make $700. And the projects have thousands of others so do the math…
At least the gravy train is spilling over onto me right now but im certain it will dry up in an instant when this AI bubble finally bursts
I work for outlier.ai
I wouldnt recommend it as anything other then a side gig. My month by month income from it has been insanely inconsistent. I either have no work at all or a ton of work and lucrative bonuses. And getting onboarded and trained is insane and the company is authoritarian as fuck
the company reported a profit of $29.9 million
while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.
Only profitable by exploiting “their” content to LLM farms
So they sold their data for a one off payment and stuffed the platform with so many bots and astroturf accounts that it is effectively poisoned against being a reliable source for future AI data licensing.
Yeah they’re so fucking cooked hahahahaha
This is also “profitable” with some big air quotes, they still have to make back all of that money they lost.
if google and openai are training bots on that shithole… oh man we’re in for a world of hurt where you can’t tell whether someone is a lib or just a bot anymore
