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Reddit: Return Of The Junk Stock IPO
(www.forbes.com)
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this post was submitted on 12 Mar 2024
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I sure as hell wouldn't acquire a company for a product that has a near identical, free, open-source alternative that's in active use.
Well, at least one person thought it was a good idea to acquire a Mastodon competitor, and they paid a pretty penny for it
0.1% of the users isn't exactly a threat to their model.
Just like Reddit wasn't a threat to Digg.
The scale is immensely and massively different. Modern social media is not going away, the digg phenomena was one driven by a much smaller number of more passionate users.
That much smaller number of more passionate users has already left Reddit.
Compare to Lemmy's userbase, which is anti-capitalist and clearly has a bone to pick with reddit. If I had to value Lemmy it would be for the cost of hardware and operations alone.
Which is kinda what Reddit should be valued at, because its a community oriented site, the value is never in the contributions. You can't guarantee their engagement. They can always pack up and leave. Anyone thinking there's a value in community oriented sites is being fooled.
I know people are gonna think "daaaamn, you just shit over lemmy too" but Lemmy makes no illusion of it, its a community funded effort, so the product offering is going to be suited to its audience, and this helps engagement. Reddit has no greater objective than tricking advertisers that people will visit.
I absolutely would, for the users. But only if the userbase wasn't full of Nazis and pedophiles, so reddit is still a no for me.