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Reddit says it's made $203M so far licensing its data
(techcrunch.com)
Our data, you mean?
Our data
Correct, our data.
- Spez
In other news, spez's compensation from reddit last year was $193 million, and it's COO got a cool $93 million.
C'mon, spez, tell us again how horrible it's been that reddit's never made a profit.
Just saw this on yours truly. Fucking hilarious considering they had the balls to IPO with that sack of rocks weighing down the entire company.
So Reddit charges users to create content (paid premium or by showing ads). And then it sells that content.
Making money both going and coming.
And it also asks reddit users to invest in reddit
loool
I wonder if there is any legal standing for users to sue Reddit for a fair share of those profits. That’d be nice if it could happen. But i suspect, probably not.
Their TOS says they own your content in any current or future formats or derivative works.
I’d say Reddit would win.
Their TOS says they own your content in any current or future formats or derivative works.
Their ToS could say they own you and your children and grandchildren, but that doesn't make it enforceable.
If I post a frame from the movie Akira on Reddit would any reasonable person suggest that they own not only that frame, but also the entire movie that it came from as a derivative work? There is a glut of second-hand data just like that all over Reddit, Twitter, and every other social media network, and I'm willing to bet that's also part of what's being sold.
But hey... I'm not saying you're wrong, just that the idea that they automatically "own" the things that people post on their website is ridiculous. It's a bit like UPS or FedEx saying they own the contents of your package while delivering it.
It is true that Reddit does not hold a valid license to content that is
- Sufficiently long-form, unique etc. to be copyrightable, and
- posted by someone other than the copyright holder or someone with a sufficient license.
However, as far as I understand it, the extent to which Reddit—a content provider and social network—is legally required to remedy this is to comply with DMCA requests and review reported content. Perhaps there is a higher standard that I am not aware of?
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(4 replies)
Yeah, probably not. When you sign up and agreed to their ToS, they don't "own" your content, but you grant them a worldwide, royalty-free, perpetual, irrevocable, non-exclusive, transferable, and sublicensable license to use it without compensation.
From their ToS:
Any ideas, suggestions, and feedback about Reddit or our Services that you provide to us are entirely voluntary, and you agree that Reddit may use such ideas, suggestions, and feedback without compensation or obligation to you
Source: A pretty good post on r/HFY, though it is on Reddit, so don't click it if you don't want to :P
But how many TOS have been shot down because they over reach? I don’t know. You’re probably right. It it’s still fun to imagine.
... and thats why Wikipedia is non-profit.
Seeing human (even shitpost) achievements get monetized (in the most sucky manner) one by one is sad af.
I hope my fuck Spez comments are useful.
Now AIs will fuck Spez for all eternity.
Millennia from now Fuckspez! will be the standard greeting between all sentient species in the galactic federation. It will be even used in machine code as a handshake for establishing initial contact between two subspace relays.
Reddit says it's made $203M so far licensing ~~its~~ our data
Fixed that for them.
There's your "tragedy of the commons" fallacy on a stick, folks - the proles where managing reddit so well that huffman had to break it in order to make it more vulnerable to the parasites.
It's data?! You mean our data
"Its"
"licensing"
"made"
“lots”
"/ᐠ｡ꞈ｡ᐟ\"
This is helpful of them, once the EU court fines them, we can quickly calculate how much that will be.
These are totally the signs of a stable and profitable company.
I wonder if they will ever consider paying the users for the content they provide that constitutes "its" data. 🤔
Pay? They are trying to "stonk" Reddit users by asking them to buy stock for the IPO which screams "We want your data and your money!".
Yeah. They are giving the users the "privilege" to buy shares at the open market rate. Not even at discounted rates. Again US only. What about the others? They just give their data I suppose.
The users get a service that costs hundreds of millions to maintain for free.
And no one is forcing them to post valuable content without compensation.
Well there's apparently more than 400 million active users every month, so they could charge users a few cent per month and pay for the infrastructure entirely. But they choose to be massive privacy invading assholes.
If they charged users any amount of money there wouldn't even be 400000 of them anymore.
Yes there'd be less, but the amount is purely speculative and you don't know anymore than I do.
Even if they have to go with the ad-supported model to maintain a large active userbase, that can easily be done without all the tracking. But again, they chose the shittiest option...there's really a pattern of them just being massive assholes. No matter what options they have, they'll apparently go for the shittiest one that screws over the users the most.
This was my attitude until reddit took away my app. Now the site is the poster child for enshitification
Where's my cut?
what, you didn't get the email offering the special stock price?
A good reminder to go back and edit all your comments to [removed] if you didn't do so when you first left.
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(1 replies)
Probably doesn't matter, but this is why I deleted my account instead of just locking it up.
With google being the partner i bet the deal wont mention they cant use older backups of reddit that they most certainly have.
This is why we need better data laws in the US. If I want everything I've ever said on your site to disappear both instantly and forever, I should have that option.
I'm sure you're right about that. All parties involved are scumbags, after all.
Spez will be happy to know his payout is covered, company is still going to be broke though.
For everybody who thinks we should get paid for our data, you may want to consider the Data Dividend Project:
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(2 replies)
"its data".
Ah yes... of course.
Good thing they monetized their API.
They need to pay the users with that money
Reddit doesn't own that data. The community owns it.
Maybe there's something in the terms of service but that shouldn't hold water because nobody has ever read that document.
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this post was submitted on 23 Feb 2024
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