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Reddit reported its profits in the second quarter on Thursday, and it is clear that the company’s focus on artificial intelligence has increased significantly.
An important investment field is to develop its advertising business, with the support of the marketing tools operating in Amnesty International. The results revealed that the majority of Reddette’s revenues still come from the ads, which brought $ 465 million, which represented 93 % of the company’s total revenue.
Last month, Reddit launched two new features for advertisers: Reddit Insights, a tool that benefits from billions of posts and comments on the platform to discover trends and provide actual time visions of campaigns strategies, and conversation summaries, which allow advertisers to include Reddit users directly in ads, which show general opinions about products or brands.
The company has also seen growth in the “other revenue” category, which includes its data license – which means that its deals with artificial intelligence providers to access its data. Redait said that the category jumped by 24 % on an annual basis to 35 million dollars, up from 28.1 million dollars in the same previous period.
Reddit has already created content licensing agreements with the main players in artificial intelligence, including Google and Openai. Although these deals are still new, the results of the second quarter indicate a stable income stream that has a great possibility for long distances.
Another key’s key feature is the Reddit Answers Tool, which was launched in December. This tool, which provides answers at the interface of a conversation, attracted 6 million weekly users, which is a big leap from 1 million Users in the previous quarter.
in A message to the shareholdersThe CEO of Reddit Steve Huffman said the platform is to integrate the tool “deeper into the basic search experience” to make “searching for a central feature via Reddit”.
