Reddit’s direct advertising revenue surges 192% in June quarter
Reddit has reached US$100 million (A$136 million) in revenue in the June quarter from direct advertising, a 192% increase compared to the same period last year.
The platform has also raised US$410 million (A$558 million) in series F funding, valuing it at US$10 billion (A$13 billion.)
The new milestone comes as the global tech company – dubbed ‘the front page of the internet’ – recently opened an Australian office in July 2021, its first in the Southern Hemisphere, headed by former Amazon executive David Ray. According to Reddit, Australia is the company’s fourth largest user base and has been growing at 40% year-on-year.
Reddit said: “We are making strategic investments to grow Reddit and our business, including expanding internationally, innovating new ways to foster community, and bolstering our advertising offerings and capabilities.
“These efforts require us to grow our teams and make smart bets on how to make Reddit better, faster, easier to use, and more empowering for communities. We are also evolving as a business, maturing, and building the operational structures that will help propel us into the future with transparency, values, and integrity.”
Reddit added: “We are committed to our mission of providing community and belonging to everyone and look forward to continuing on our journey with the support of our users, employees, clients, and investors.”
The Australian business has to date been managed by Reddit’s head of international, Tariq Mahmoud, and is already partnering with local entities, working with Australian-based moderators and communities, and establishing local brand partnerships.
“We’ve been fortunate to experience strong organic growth from our Australian user base in recent years, and with this comes a significant opportunity to level-up our local offering in a more focussed and nuanced way,” Reddit’s chief operating officer, Jen Wong told Mumbrella.
Reddit’s expansion to Australia comes after its successful market entries in Canada in March 2021 and the United Kingdom in September 2020.
