8,800 subreddits went dark over a price. Reddit charged anyway.
In June 2023 more than 8,800 subreddits went dark to protest Reddit's API pricing. Reddit charged anyway. Revenue climbed to $1.3 billion in 2024, up about 61.5%.
Transcript
On June 12, 2023, more than 8,800 subreddits went dark. They were protesting a price.
Reddit's API had been free since 2008, and its feed was being pulled in enormous quantities. Reddit decided to charge: about $12,000 per 50 million API requests.
Reddit has two owners who want opposite things: the volunteers who build its communities, and the company that has to make money from them.
Reddit charged anyway. Its revenue climbed to $1.3 billion in 2024, up about 61.5%. It still posted a net GAAP loss of $484 million, largely from IPO-related stock-based compensation.
Reddit won the revenue argument. What it cost with its moderators, these numbers do not show. If others build your product for free, price with them in the room.
The records behind this video
Every figure in the video comes from this Decision Record, each with its sources.
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