Reddit has outlined its international growth initiatives, showcasing efforts to refine its app and capitalize on business prospects.
The platform has undergone substantial transformations since 2020, marked by the removal of contentious subreddits, leading to a renewed focus on advertising tools and content cleanup.
According to Social Media Today, Reddit is actively engaging with moderators in the UK, Germany, and France to cultivate local communities, offering a more personalized experience for users. The company is intensifying its presence in India, introducing dedicated Reddit Avatars tied to significant events like Independence Day and Diwali.
To facilitate broader content access, Reddit has introduced new language translation options, coupled with an emphasis on promoting local content through the Communities Tab. The platform aims to recommend communities based on local trends and culturally relevant topics, tailoring user experiences. Additionally, Reddit is refining its sign-up options to cater to diverse users and devices.
In a bid to fuel international growth, the company has appointed a new VP of International Growth. The San Francisco-based firm says that this has yielded positive results, with double-digit growth in daily active users outside the US and a consistent rise in international ad revenue, despite the drop of US users from the removal of controversial subreddit communities in alignment with the platform’s cleanup efforts.
In related news, Reddit may be once again “testing the IPO waters,” and is currently holding talks with potential investors, according to sources cited by Bloomberg on Monday. The sources said that the company is considering going public as soon as the first quarter of 2024.
In December 2021, Reddit confidentially submitted a draft registration statement with the Securities and Exchange Commission for an IPO. This move followed a substantial $410 million financing round led by Fidelity, valuing the platform at $10 billion. The company was reported to have gone as far as working with Morgan Stanley and Goldman Sachs for the IPO listing, but, like a number of companies eyeing an IPO debut, the plan did not push through.
With the volatile markets, as well as the relatively weak performance of some closely watched companies that launched first-time share sales last year, many companies have opted to wait it out until 2024 instead.
Information for this story was found via Social Media Today, Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.