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this post was submitted on 06 Jul 2023
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Playing the devil's advocate here... They also (badly) host videos so maybe that's something... But for that pricing, they are just greedy fucks.
The majority of their expenditures are salary and rent. They've hired on a shit ton of investors 'friends' as upper MGMT and pay them loads to do shit work.
The API price is calculated by what they expect to pull in from ad revenue, which is insanely overinflated to make the bottom line look good for IPO.
Give 'em a couple months, maybe a quarter. When ad-rev is crap, they'll lay off another load and send spez packing.
They have 2000 staff their salary expenditures must be insane
They’re clearly burning through VC until they IPO with the hopes that once they IPO they will then be propped up financially by shareholder investment. It worked for Facebook and twitter a decade ago so it must work now right? Never mind that Facebook had much more viable revenue streams and that twitter stagnated and is now tanking (tbf that’s kind of elons fault)
They’ll chug along as always longer than that though unless fidelity cuts their valuation significantly again. They have a lot of inertia. Ad buys seem impacted but impressions don’t although I haven’t followed things super closely. Reddit has a shitload of casual users who will check it every day and simply don’t care about the admins or site drama
2,000 employees with an average salary of 100k (which I pulled out of my ass but probably on the low end) is 200 million a year just on payroll.