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Reddit, if you are not familiar with the platform, is a socialising network that was started back in 2005 by two guys in their early 20’s, Alexis Ohanian and his friend Steve Huffman. With more than a billion-page views monthly, Reddit is a fast-growing social platform which businesses have begun to start incorporating within their marketing plans! The front page of the internet some might say…
But as with every success story, it doesn’t just happen overnight!
Friends Ohanian and Huffman got together and created a social site in which people were able to share links with a short description attached and then were able to vote on their favourite content. Each post had a rank shown on the site according to the number of votes their content received. The two of them initially created a few fake accounts and used them to proceed and post some content to help build up the site. Soon after this, the first ever users approached and became a part of the community.
At the very beginning of the project, the finance was $100,000 in starting capital from an American start-up funding company called Y Combinator. This investment turned out to be setting them up for a gold mine… Just after around a year after the investment, the site (Reddit.com) enjoyed a large quantity of traffic with over around 500,000 daily impressions!
The two founders quickly found themselves becoming millionaires after the company Conde Nast purchased their site for around $20 million.
Reddit.com became an open source software in 2008 which is made it a free and available application for everyone! This meant that users were now able to download the system and rebuild similar sites like Reddit.
And in 2009, Reddit launched their own advertising program which enabled its users to create selling ads which helped keep the site expanding. Within the same year, the social network now had millions of impressions per month! They had to think of a way to monitor the ever-expanding content.
A special subscription plan was launched in 2010 – Reddit Gold. This allowed users to gain access to special features. This subscription costs about $30 each calendar year.
Reddit then surpassed its rival (Digg.com) in 2011 with having more visitors and higher rankings!
Reddit today is not only one of the biggest social sites out there but has a community amongst the most loyal. The average user spends more than 15 minutes browsing the site and editing content! By the end of the year 2011, Reddit received more than 1.5 billion monthly impressions! A mile stone since its beginning back in 2005. Did you know, almost 80% of its users are male orientated?