After being sidelined due to recent market volatility, Reddit’s IPO appears to be scheduled for March. So far, Q1 is looking positive for the 2024 social media star. This report is based on the latest Quickfire Report on companies of interest to investors from the Similarweb Stock Intelligence team.
Reddit sees growth in users
After the protest and boycott in June 2023, the response to Reddit beginning to charge for its API use, Reddit user growth is back in the black and significantly higher than the previous year.
The protest by unpaid moderators pushed as many as 8,000 subreddits offline and simultaneously eliminated third-party apps, positively affecting the core platform. And, traffic in 2Q23 was higher than 1Q with 237K more visits. While there were fewer visits in June 2023, the decrease from the previous month was negligible. So far in 1Q24, user growth is outpacing 1Q23 by 19% and showing no signs of slowing.
Reddit ad portal traffic surpasses TikTok’s
Activity on Reddit’s ad portal, a proxy for ad deployment and revenue, also grew in 1Q24.
Visits to ads.reddit.com nearly doubled from Jan. 2023 to Jan. 2024. This significant growth puts Reddit ahead of its competitors, notably TikTok. Through mid-February 2024, visits to the portal are just shy of the 459K visits achieved in 2023.
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Report By: Andrea Pash, Investor Intelligence Specialist
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