• xumsixle@lemmy.ml
    link
    fedilink
    arrow-up
    49
    ·
    edit-2
    1 year ago

    we will continue to be profit driven until profit arrives that seems to be a lot less likely to happen now lol

    • jerkface
      link
      fedilink
      arrow-up
      7
      ·
      1 year ago

      What the hell do people expect? It’s weeks before the frigging IPO. Of course they are going to do everything they can to post a profit. The users are not the customers. The users are the product. The investors are the customers! Dummies!

      • CmdrShepard@lemmy.one
        link
        fedilink
        arrow-up
        4
        ·
        1 year ago

        How can they even do an IPO when the CEO is here saying the company isn’t even profitable after 15+ years?

        • jerkface
          link
          fedilink
          arrow-up
          1
          ·
          edit-2
          1 year ago

          That’s perfectly normal. You’re not really understanding what’s up for sale. Reddit has been operating at a loss with attractive services to build a userbase. The objective the whole time has been acquisition (for the original team) or IPO (for Conde Nast). Investors will have access to these user to exploit however they like. That’s what’s for sale, here; the users.

          The IPO is expected to raise 10-15 billion dollars. That means that investors are expecting to extract at least that and ideally (over Reddit’s lifetime) several times that from the user base. Things will have to change radically to facilitate that. If we expect Reddit to reliably remain relevant for another ten years, they’re going to try to suck two billion dollars out of us every single year.

          • TWeaK@lemmy.ml
            link
            fedilink
            arrow-up
            3
            ·
            1 year ago

            The thing is, people make the data, it should be THEIRS to sell. Reddit and all other websites should be paying for the data they steal from users. We create the data, we create the value, they take it for nothing and exploit it to make billions and become some of the wealthiest businesses in the world.

            The situation we have now is basically like a car manufacturer building a car but not paying the person who manufactures the screws.

            • jerkface
              link
              fedilink
              arrow-up
              3
              ·
              1 year ago

              The thing is, the people shouldn’t be using commercial social networks, because when they do, they are the product. When they do, they lose control and ownership of their data. Their data gets used against them and against all of us.

              None of this should be a surprise to anyone and I find it incredibly frustrating that it is. We’ve been telling you for twenty years.

    • Linnce@lemmy.ml
      link
      fedilink
      arrow-up
      5
      arrow-down
      1
      ·
      1 year ago

      Yesh, like isn’t premium, awards and a shit ton of ads not enough profit?