Reddit is focusing on expanding its international audience, starting with French-speaking users. CEO Steve Huffman confirmed the company's efforts towards automatic translations of the site’s content into French, leveraging large language models.
Reddit is also planning to expand its ecosystem by reintroducing Reddit Gold and courting developers with new tools. These moves are part of Reddit's strategy to anticipate future trends. The company reported a 48% year-over-year increase in revenue to $243 million in the last quarter, and a 37% growth in unique users to 82.7 million.
Huffman highlighted that half of Reddit’s audience is U.S.-based, indicating a potential for increasing the international user base. The company is translating its English content into other languages to accelerate international growth. The site-wide translation effort is still in the testing phase, but it's already driving more traffic to the site from French-speaking users. The company plans to tackle Spanish next.
Despite a past feud with third-party client developers over API changes, Reddit is now planning to provide tools that could enhance subreddit experiences. Huffman mentioned ongoing experiments like live scores on sports subreddits and a live stock ticker on r/wallstreetbets. Reddit aims to include more developers from the waitlist this summer and enable monetization features later in the year.
Earlier this year, Reddit signed a deal with Google to allow the search engine company to use the social network’s data. Huffman revealed plans to license data to other companies as well, promising to be "considerate and selective" in partner selection.
As part of its revenue generation strategy, Reddit is reintroducing virtual currency on the platform. The company plans to launch a revamped Gold product, with programs for users to spend and earn money on the platform.
