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Reddit mods are organizing blackouts to protest against API changes
(www.reddit.com)
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The blackouts may encourage users to go elsewhere, and going elsewhere may help move the needle on this issue. But, the only thing that's going to stop reddit from going down the path it's on is stopping the IPO. Let's face it, any short-term victories will eventually be overcome by shareholder interests.
Plus, protestors leaving the site might actually help reddit at this point. Redditors are notoriously cantankerous and difficult to advertise to. But, it's becoming less so as mainstream users flock in. As protestors leave the site, the userbase becomes increasingly saturated with apathetic users who are willing to put up with more.
And let's be honest. Reddit has a lot of users who feel entitled to entertainment enough to get angry, but addicted enough to put up with it. Look at just about any fandom