I really just think they didn't want the API user base anymore. They want a tightly controlled ecosystem of vanilla content by vanilla users to sell to vanilla investors. TLDR they sold out, and the fact that we've moved on so quickly means we were ready to move on anyway.
this post was submitted on 21 Jun 2023
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Spez wants to be facebook. That's what it comes down to.
You can't be facebook if your mods are engaged and dedicated. You can't be facebook if the user base is doing more than scrolling brainlessly and hitting vote buttons.
Why do you think that the first targets are image based subs?
Stove Hortman is arrogant and not as smart as he thinks. Plus he’s a Peter Thiel acolyte.
To start, I don't agree with what Reddit are doing. However, to play devil's advocate, the company is losing money. They're not profitable. What if Reddit had to declare bankruptcy due to it? How do you propose they make money? Asking for donations? Even with offering Reddit Gold, or whatever pay-for entitlements, they aren't profitable.
ChatGPT is seemingly making a lot of money off of comments on Reddit, and Reddit are giving them that data for free. It makes sense, to me anyway, to charge OpenAI, Microsoft, et al., for access to that data. It seems third party app users were caught in the crossfire. Perhaps that was a lack of foresight, but perhaps it was a calculated (albeit incorrect) risk.
You will enjoy the experience the way we intend.
My guess is that they know they will lose their DieHard users that cost them the most money even though they produce the most content.
What will happen in the vacuum is that other users will rise up to fill in the gap that are more in line with modern Reddit and will make Reddit more money in the long term.
I mean of course they are selling their soul to their venture capitalists (or at least whatever remains of it) in the process but I guess as long as their primary shareholders go home with a fat wallet they're okay with whatever happens.
As breathtakingly stupid as what spez has been doing appears to be, I thinkthat the short term plan is a fast cash out, and the long term plan is to coast on the brand name while simultaneously stifling the reddit experience. Coasting, like Tim Horton's, licensing out names and logos like Playboy, Harley Davidson, Schwinn. Sure, the product might be shit, but Facebook seems to be able to retain enough dipshits, so...
Bingo.
spez is acting non-sensical because his investors are done with the company. The era of free money is over, and there's no more waiting for something like Reddit to turn the ship around and become profitable. His hansd are tied: It's just job to see that the board of director's wishes are enacted, and the VCs are pulling the plug, and demanding their money back.
And they want it back several times over. The AI hype has those investors seeing more than just Reddit gold in the company's database. All of our posts and comments from the past 15 years is valuable right now in the light of the LLM buzz, but given the lifespan of recent Silicon Valley fads, they could be in the pile next to NFTs by Christmas. So, they need to sell the company now on the promise of limitless ChatGPT dollars before everyone stops giving a shit.
They acted in a hurry, and they didn't think this API issue would set fire to anything. They thought they could paint Selig as a greedy and entitled nobody who was just trying to piggyback off of their success, but they didn't seem to realize that no one actually likes Reddit: The Company. So, they were caught flat footed. They figured the protests would come and go, as they have before, and then it would be back to business as usual.
But then Selig spoke up, the faithful doubled down, and then the media took notice. Now, they have no plan, I'm sure the investors are getting fed up, and they're just trying to force everything back to normal however they can so they can sell this bridge to some lucky tourists, but nothing's actually working. So, it'll just be an endless stream of nonsense while the engagement and ad numbers continue to slowly shrink, presenting an unpalatable downward trend leading up to their yet-to-be-announced IPO.
In short, they have their marching orders, but their platoon captain doesn't have a fucking clue which way is up, let alone North.
I'm not convinced that spez' elevator goes all the way to his office.