this post was submitted on 13 Jun 2023
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It's ironic, too, because their entire refrain is "we're broke". Well then. Now you lost most of your big subs and a ton of users AND you're broke. Guess at least we fixed the bandwidth problem.
Meanwhile it was all over ChatGPT training on their API. You'd think that woulda been step 1 to fix.
Maybe I'm missing something but is there a reason they couldn't have started addressing all of this with a terms of service agreement for the API? They demonstrated they can make exceptions for some accessibility apps, so if AI is the issue, then why not focus on that? If they wanted to force ads on apps, they can make that happen as part of the agreement too. As much as people wouldn't like it, this would still be a better posture than now.
The current situation appears so poorly though out to me, but I'm just a guy.
I agree requring third party apps to contain their ads would have been a WAY better move. It's funny to me though that Reddit claims to be unprofitable but pulls in $456 million and some change per year. Greedy fuckers
It's just corporate accounting. They're profitable but they essentially cook the books to get the tax benefits of being "unprofitable". This is why amazon is still occasionally "unprofitable" even though they're growing year over year. You can't just keep taking out loans to buy and build new warehouses if you're actually unprofitable.
Huffman is just a greedy piece of shit. He, himself, made a comment when talking about Apollo that implied this developer is sitting on millions and he deserves a cut of it. API calls in terms of cost to the company cost fractions of a penny and plenty of large companies make money off their API. They could charge the base cost and add 10% for the profit. The problem is a realistic and reasonable cost for reddit's API would probably cost the apollo dev maybe a few grand a year. Like I said above, Huffman thinks there's a lot more money to wrangle out of developers there, but I'd bet the apollo dev was barely making a fraction of a percent on Huffman's net worth.