Reddit Revenue & User Statistics (2024)

What is Reddit?

Reddit is a social media platform where users are allowed to create their own community and share and curate content, news and updates as an image, video, text, link, or a poll. 

Described itself as ‘the front page of the internet’, Reddit is best known for subreddits, micro forums dedicated to a specific topic, and karma, votes to a specific content shared on Reddit to indicate the contribution of it to Reddit. 

Company Overview

• Founders: Steve Huffman, Alexis Ohanian
• Founded Date: 2005
• IPO Date: March 21, 2024
• Headquarter: San Francisco, California
• Number of Employees: 1000+
• Crunchbase Profile: Profile Link

Reddit Revenue Statistics (2024)

• Reddit filed for an initial public offering on February 22, 2024, and went public on March 21, 2024, under the ticker symbol “RDDT”. The social media platform’s shares closed their first trading day in New York with a remarkable surge of 48%.
• Reddit revenue for the third quarter of 2024 was 348.4 million, an increase of 68% year-over-year. The company’s ad revenue for the quarter increased 56% year-over-year to $315.1 million.
• For Q4 2024, the company estimates its revenue to be in the range of $385 million to $400 million. (Reddit)

• Reddit revenue for 2023 was $804 million with a net loss of $90.8 million, according to Reddit’s IPO filing.
• Reddit revenue increased 38% in 2022 to about $670 million, two people familiar with the matter said, faster than many other internet ad firms but a steep slowdown from the more than doubling of revenue the company experienced in 2021 over 2020. (The Information)

• In December 2021, Reddit confidentially filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering. According to people familiar with the matter, the company could be valued as much as $15 billion in an IPO.
• Reddit has raised up to $700 million at a $10 billion valuation last summer. (Techcrunch)

Reddit Valuation

• Reddit’s ad revenue was $100 million in the second quarter of 2021, marking a 192% year-over-year increase for the quarter. 
• Reddit, which received a $ 250 million E Series earlier February, added more than $116 million within the same month, increasing the total amount of the round to around $ 367 million.
• Reddit’s ad revenue totaled more than $100 million in 2019 and is on track to rise by more than 70% in 2020. (WSJ)
• A throttling of ad spending caused by the coronavirus pandemic hurt Reddit’s business in the second quarter—when year-over-year direct-ad revenue growth fell to 27%, from 40% in the first quarter—but it has since rebounded, growing by 83% year-over-year in the third quarter. (WSJ)
• Reddit has acquired short-form video sharing app Dubsmash in December 2020. 

Reddit User Statistics (2024)

• Reddit’s daily active users increased 47% YoY to 97.2 million in the third quarter of 2024.
• According to Reddit’s IPO filing on February 22, 2024, the popular social media platform boasted an average of 73.1 million daily active users and 267.5 million weekly active users in Q4 2023.

• After the 2022 edition of r/Place launched on April 2, 2022, Reddit’s app’s worldwide daily active users increased by 25% year-over-year as compared to the same day in 2021. (Sensor Tower)

• As of April 2022, Reddit’s app ranked #1 among the top free iPhone apps in Turkey, France, and Belgium.
• As of the first quarter of 2024, 61.2% of Reddit users were male.

• As of August 2021, Reddit, which hosts 100,000 active subreddits, has 52 million daily active users worldwide.
• Reddit’s monthly app downloads hit 6 million in January 2021, thanks to the ‘’meme stocks’’ trend in the financial world.
• As of October 2020, Reddit had 52 million daily active users, up 44% from October 2019. (WSJ)

Reddit Monthly Active Users

• The most upvoted post of 2020 with more than 435,000 upvotes: 

I’ve found a few funny memories during lockdown. This is from my 1st tour in 89, backstage in Vegas. from r/pics

• According to Statista, in December 2023, 2.1 billion users visited Reddit via desktop and mobile devices.

• In December 2023, the United States accounted for 48.46% of the total desktop traffic to Reddit.com, followed by the United Kingdom with 7.16%, and Canada with 6.97%.

• Reddit sees 479,452 people engage with content in one minute in 2020. 
• According to Similar Web, average visit duration of a user on Reddit is 9 minutes and 34 seconds. 
• According to Reddit statistics, there are more than 50 billion monthly views on Reddit. 
• In 2020, Reddit reported 303.4 million posts, up 52.4% year-over-year. 
• Reddit reported that, in 2020, around 2 billion comments posted on the platform, an increase of 18.6% year-over-year. 

+ 49.2 billion upvotes reported in 2020 (till October) in Reddit, up 53.8% year-over-year. 

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