• xumsixle@lemmy.ml
    13·
    1 year ago

    we will continue to be profit driven until profit arrives

    that seems to be a lot less likely to happen now lol

    • jerkface@lemmy.ca
      2·
      1 year ago

      What the hell do people expect? It’s weeks before the frigging IPO. Of course they are going to do everything they can to post a profit. The users are not the customers. The users are the product. The investors are the customers! Dummies!

      • CmdrShepard@lemmy.one
        4·
        1 year ago

        How can they even do an IPO when the CEO is here saying the company isn’t even profitable after 15+ years?

        • jerkface@lemmy.ca
          1·
          1 year ago

          That’s perfectly normal. You’re not really understanding what’s up for sale. Reddit has been operating at a loss with attractive services to build a userbase. The objective the whole time has been acquisition (for the original team) or IPO (for Conde Nast). Investors will have access to these user to exploit however they like. That’s what’s for sale, here; the users.

          The IPO is expected to raise 10-15 billion dollars. That means that investors are expecting to extract at least that and ideally (over Reddit’s lifetime) several times that from the user base. Things will have to change radically to facilitate that. If we expect Reddit to reliably remain relevant for another ten years, they’re going to try to suck two billion dollars out of us every single year.

          • TWeaK@lemmy.ml
            2·
            1 year ago

            The thing is, people make the data, it should be THEIRS to sell. Reddit and all other websites should be paying for the data they steal from users. We create the data, we create the value, they take it for nothing and exploit it to make billions and become some of the wealthiest businesses in the world.

            The situation we have now is basically like a car manufacturer building a car but not paying the person who manufactures the screws.

            • jerkface@lemmy.ca
              3·
              1 year ago

              The thing is, the people shouldn’t be using commercial social networks, because when they do, they are the product. When they do, they lose control and ownership of their data. Their data gets used against them and against all of us.

              None of this should be a surprise to anyone and I find it incredibly frustrating that it is. We’ve been telling you for twenty years.

    • Linnce@lemmy.ml
      31·
      1 year ago

      Yesh, like isn’t premium, awards and a shit ton of ads not enough profit?

  • sharkato@kbin.social
    10·
    1 year ago

    On one hand, he did say “ask me anything”. Reading the thread, I realize he didn’t actually say he’d answer anything.

    Also, I love how the dishonest fuck that spez is wrote “Some third party apps decided the cost per user a month was too much” after app developers like Apollo’s and Sync’s both independently posted breakdowns of why the pricing structure was untenable. And it’s after he was caught lying about reddit’s conversations with the Apollo dev.

    Glad this debacle has me invested in the fediverse future, at least.

    • bionicjoey@lemmy.ca
      5·
      1 year ago

      He said “ask me anything” but he also outed himself using canned answers (one of his comments began with “A:” before he edited it), which probably means he wasn’t really doing an AMA in good faith

  • stripes@lemmygrad.ml
    2·
    1 year ago

    Seeing the mass downvotes makes me happy. I really hope this is the downfall of Reddit, I’m never going back.

      • elrac@kbin.social
        2·
        1 year ago

        After (maybe during?) the EA thing they added the ability to throttle downvotes so that can’t happen again. I’m surprised they didn’t just artificially set it to look like it was upvoted.