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Reddit raised $300 million at a $3 billion valuation, and now it's aiming to take on Facebook and Google

Published by Business Insider on Tue, 12 Feb 2019


Reddit announced Monday that it has raised $300 million at a $3 billion valuation, up from a $1.8 billion valuation in 2017, when the company took in a $200 million investment.Why it matters:Reddit has focused its efforts over the past year on cleaning up its platform to build a better advertising model.The 23-year-old social platform has been criticized in the past for lax regulation around hate speech, piracy, harassment, and even more recently, election interferencethings advertisers don't like to be associated with.Between the lines:Reddit has roughly 330 million monthly active users (MAUs), which means it's about the same size as Twitterbut its efforts to monetize those users haven't been great yet.By the numbers:CNBC reportsthat the company's annual revenue is roughly $100 million, meaning each user is worth around 30 cents. By comparison, average revenue per MAU, as of the fourth quarter of 2018...Facebook:$7.37Twitter:$2.83A big part of Reddit's value to advertisers is the demographic of its audience, which is mostly users ages 1834. On its website, Reddit says 63% of its users are under 25 and 87% are under 35.The big picture:The company has pushed aggressively over the past year to both clean up its site and focus on more lucrative advertising opportunities, primarily video.The companysaidlast year that it was averaging over 1 billion native video views and almost 1 million video uploads each month on its platform.It credits a recent redesign for being a significant driver for adoption for both video creators and consumers, saying that the redesign helped foster 50% increase in video posts over the "old" Reddit.SEE ALSO:Reddit is making moves to steal thousands of data-obsessed advertisers that pour money into Google and FacebookJoin the conversation about this storyNOW WATCH: There are serious health reasons why you shouldn't eat your boogers
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