this post was submitted on 17 Feb 2024
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Privacy
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This is the best summary I could come up with:
Reddit will let “an unnamed large AI company” have access to its user-generated content platform in a new licensing deal, according to Bloomberg yesterday.
The deal, “worth about $60 million on an annualized basis,” the outlet writes, could still change as the company’s plans to go public are still in the works.
The news also follows an October story that Reddit had threatened to cut off Google and Bing’s search crawlers if it couldn’t make a training data deal with AI companies.
Last year, it successfully stonewalled its way out of the biggest protest in its history after changes to its third-party API access pricing caused developers of the most popular Reddit apps to shut down.
As Bloomberg writes, Reddit’s year-over-year revenue was up by 20 percent by the end of 2023, but it was still $200 million shy of a $1 billion target it had set two years prior.
The company was reportedly advised to seek a $5 billion valuation when it opens up for public investment, which is expected to happen in March.
The original article contains 346 words, the summary contains 175 words. Saved 49%. I'm a bot and I'm open source!