According to reports, Reddit shared that as of October 2020, the average daily active users were 52 million. This is a 44% increase from October last year. Social media platforms have shared this data for the first time to attract more advertisers and to align with industry reports. Reddit chief operating officer Jen Wong also said that the company’s advertising revenue exceeded 100 million US dollars (about 74 billion rupees) in 2019 and is expected to grow by more than 70% this year.
Founded in 2005, Reddit is a platform for thousands of communities and discussions. The social media company shared its user statistics for the first time and told the Wall Street Journal that by October 2020, the average daily active users were 52 million. Compared with the same month last year, it was an increase of 44%. The report added that this growth has been synchronized with the growth of Reddit’s advertising business.
“We are sharing [daily active users] The first time is to more accurately reflect our user growth and to be consistent with industry reports. The Wall Street Journal quoted Jen Wong as saying, “We focus on daily users, and this number is increasing as we continue to expand the size of the community and expand the scale of our advertising business.”
Wong also shared that its total advertising revenue exceeded US$100 million last year and is expected to grow by more than 70% this year. Although Reddit saw a decline in advertising revenue in the second quarter of this year due to the coronavirus pandemic, it has rebounded significantly, showing an 83% year-on-year growth in the third quarter.
The report pointed out that although Reddit’s 52 million daily active users are impressive, it is in line with Twitter’s 186 million average profitable daily active users (mDAU) and Facebook’s September report of 1.82 billion average daily active users. Users are far apart.
The report quoted Susan Schiekofer, chief digital investment officer of ad buying giant GroupM, as saying that Reddit is on an “experimental budget” in the advertising industry in gaming, beauty, technology, finance, and entertainment. Compared with larger companies such as Snap, Twitter, Facebook and Instagram, Reddit is far ahead in terms of advertising budgets. In addition, Wong reportedly stated that Reddit plans to increase its sales force to around 300 by the end of this year and another 75% next year.
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