Many people woke up yesterday to their favorite subreddits being "down" as moderators moved their subreddits to private for 48 hours to protest Reddit's upcoming API change. What is so eye-opening about this is that more than 24 of these subreddits have at least 10 million subscribers meaning that it is a huge part of Reddit's network. At the heart of the matter causing this entire issue is a theme we are going to see become more and more common moving forward and that is data. Twitter/Elon Musk is currently battling a similar issue as both of these platforms have such a large amount of data that would be huge for any and all AI be it generative AI or general machine learning making this data worth a bunch of money.
Reddit has tried to defend itself under what can only be described as a guise of trying to make the company profitable. Instead, though they have angered the user base that makes them so valuable. Third-party developers/apps and Reddit really go hand in hand as over the years as Reddit has changed its UI developers have created/reverted back to the old ways gaining huge followings.
The most popular of these has been the Apollo app which was/is an app that was built with the feedback of thousands of Redditors and the communities that these Redditors have in mind. Apollo is a free app that has won awards for what it has been able to do but Reddit's pricing structure is going to cost this app $20 million a year to access the API. Reddit plans on starting to charge $0.24 for every 1,000 API calls starting July 1st and since Apollo isn't in the money-making business the founder has decided to shut down the app. As a result, Reddit's current team has tarnished and possibly permanently damaged its reputation with its data source.
There has been a rumor now for a while that Reddit is going to go public but with how bad recent public debuts for companies have gone it has been pushed back more and more. What makes Reddit so valuable is that data and as a technology company they should be able to make money with this however if you ruin or damage your source your data will quickly become old and worthless. A tightrope has to be walked by the leaders of the company and right now they are not doing too well with that. They still have time to fix this but if June 30th comes around and these apps start to shut down because of what Reddit is doing the damage to the data could spiral out of control and wreck Reddit's possible IPO move.
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