It's well known that most social media, and very much so for Reddit, are primarily consumed by lurkers. There's loads of daily users that don't even have an account because it's not necessary. The lurkers may be good for ad revenue, but they don't make the content. You need the active community there to produce the content that lurkers consume. Without the community, the lurkers aren't going to step in and do it themselves, they'll just stop visiting Reddit. So yes, I'm sure the balance looks like 95% lurkers and 5% community.

think of it this way - back in 2008 100% of the users had accounts made on or before 2008

reddit has doubled something like 8 times since that point. after 1 doubling, that 2008 or earlier becomes 50%. after 2 doublings, 25%... etc

at this point it's below 1~2% depending on where you get your figures

majority of people (and an increasing majority) will only know reddit through new.reddit or the app. my gf just joined reddit because of me a few months ago.. and she only know the official app. that is "reddit" to her.

reddit has moved on past us, the original users. they've decided that we are such a small minority that we essentially do not matter anymore and therefore are sacrificing us to raise IPO price

I think 99% to 1% is probably closer to reality even.