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gillrmn, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B
@gillrmn@kbin.social avatar

I doubt it is related to migration. It is too soon to have any data on that affect and by numbers it is not much of affect either. The only cost factor of migration that can be done before next quarter release would be increased costs in future dur to moderation, but even that would be very subjective. This is probably due to increased interest rate scenario as feds have said they will bring inflation to 2% so there will be more increase. Hence lowering of cost and spend by companies on advertising and marketing.

shoelace,

It's not related to the migration. The article said the lower valuation is as of May 31, before all the backlash on reddit began.

debounced, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B
@debounced@kbin.run avatar

imma need about tree fiddy

Briguy24, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B

Thoughts and prayers

Ertebolle, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B

I still have 14,000 free coins in my account - maybe soon the valuation will drop low enough that I can buy the company with them, like in that Star Trek TNG episode where Data wins so much money that he buys the casino.

SustainedChaos, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B

We did it, exxitors!

FIST_FILLET, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B
@FIST_FILLET@kbin.social avatar

good :) a very sincere "get fucked" goes out to every single person intentionally responsible for the investor-pandering at r*ddit! thinking of you during these troubled times. reaper, meet what has been sowed

milkytoast, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B
@milkytoast@kbin.social avatar

it's almost like not listening to your users doesn't end well

ANuStart,

4.5 billion still sounds well to me...

milkytoast,
@milkytoast@kbin.social avatar

wee bit worse than 10b

Poppamunz,
@Poppamunz@kbin.social avatar

not if that's the amount you lost

LynnTheChaoticWitch,

A fifty percent drop isn’t a good sign

billiam0202,

Rumor has it that Reddit wants to IPO at $15 billion. Hard to do that when you were worth $10 last year and are worth $4.5 this year.

Jaysyn,
@Jaysyn@kbin.social avatar

This happened before the current kerfluffle.

G_Wash1776, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B
@G_Wash1776@lemmy.world avatar

😂😂😂 get fucked Spez

RojaBunny, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B

Is there a reason discord is also being devalued? I haven't heard of anything negative going on there and they seem to be doing fine.

CthuluVoIP,

Recent data breach, and users being unhappy with the username rollout.

OtakuAltair,
@OtakuAltair@lemmy.world avatar

It also just generally feels bloated nowadays... I just want to chat

BedSharkPal,

It's so sad when apps stray from their lane and just become bloated messes. I'm looking at you too Postman...

ngmi,
@ngmi@kbin.social avatar

also, Discord is basically owned by china

CthuluVoIP,

Agree, personally. Nitro ads are getting more intrusive too. I understand they have to monetize somehow, but I wish it were handled based on server population rather than blanket spread to all clients. I don’t participate in any huge servers because notification suppression sucks in Discord. The servers I do use are mostly sub 50 users, and as such don’t consume anywhere near as many resources as some of these mega servers out there.

amphy,

for real! I have a lower tier of nitro but the phrasing around all the higher-tier stuff says "try nitro :)" as if they don't already have their pound of flesh.

iAmTheTot,
@iAmTheTot@kbin.social avatar

notification suppression sucks in Discord

How so? I'm part of several large servers and they're all no notifications.

CthuluVoIP,

Because it’s basically all or nothing. And even then, Admins can do notification blasts that override user settings. I want more granular control so I can basically subscribe to specific content in specific channels I interact with rather than broad notification settings.

DaniAlexander,

Don't know if maybe you don't know when the settings but you can change it to just @mentions with suppress @everyone. You could also do that for individual channels within each discord.

For instance I have probably 100 servers that I belong to. But I only have three channels within each of the servers that I want all notifications. Everything else is set to just direct mentions with @everyone suppressed.

Not sure if you knew what but if you did, sorry for the rehash. If not, hope it helped. I know what it's like to be completely annoyed by beep beeping on your computer 😠

conciselyverbose,

Yeah, discord is way less bad than anything else I've seen. Tags would be cool but you can change settings per channel and server and as the host you can give people more granular control by using roles.

I don't really know what more you would reasonably want.

Aesculapius,
@Aesculapius@kbin.social avatar

I've had issues the other way too. Smaller servers (even my own) that don't send notifications or list badges on channels.

iAmTheTot,
@iAmTheTot@kbin.social avatar

But... You can? You can do settings per channel, and I'm not aware of any thing admins can do to overwrite notification settings, I have huge servers that I haven't gotten a notification for in years.

CthuluVoIP,

No, for sure. My issue is probably more distinct. I want discord to work like a forum and not like a chat application. I want to subscribe to get notifications only from specific users, or about specific keywords or topics, rather than broad mentions / everyone settings. I also recognize that I'm not the target demographic in that respect, but searching for discord notification threads will yield quite a few results from other users like me who want more control over when and what the app notifies them about.

iAmTheTot,
@iAmTheTot@kbin.social avatar

Okay but this started by you saying that Discord's notification suppression is bad. And then claimed admins can overwrite your suppression settings. And I said no it's not and no they can't, and you come back saying "well what I really want is this"

Like, yeah, sounds like Discord isn't the platform for you and that's okay. But not for the original reason you said.

CthuluVoIP,

Discord’s client doesn’t allow users to mute announcements. Or at least didn’t when last I checked. And my point stands, I want more granular suppression options and the ability to disable announcements entirely. Nothing I said discredits my original position. To me, not having complete control over what types of notifications I receive is bad suppression. If that definition doesn’t mete out for you, that’s fine.

iAmTheTot,
@iAmTheTot@kbin.social avatar

Yes you can. You can mute anything and everything you want. And you can have per channel overrides. So you could say mute everything (yes including announcements) and then override that to notifications for a single thread on that server.

FIST_FILLET,
@FIST_FILLET@kbin.social avatar

data breach

had heard absolutely 0 about this. thank fuck i wasn't impacted, brb gonna go change my discord email to a burner alias from simplelogin

Itty53, (edited )
@Itty53@kbin.social avatar

Tech startups of all kinds are being devalued the last 12 months. The tech sector was always heavily based in speculation and so as the markets recoil, the tech sector was going to feel it the hardest. People have been predicting that for years, literally.

The reddit devaluation falls in line with all that, not really the migration at all. Guys I hate to be the bearer of bad news but Fidelity's valuation experts don't give one shit about the happiness of the users, and only give half a shit about the number of them -- which, that number comes from reddit themselves on a "trust me bro" basis, like the user counts of any service. Let me even go one step further: the louder you complain about reddit, the more important you make reddit look, the more valuable you make reddit to investors. You have to re-frame your thinking when considering markets like this: users are not customers, they're products. "Look at the reaction of all those users" is what this migration boils down to, to those valuation experts.

On the exact same note you can bet on the rising popularity of any given celebrity by the number of their detractors. See a new starlet getting hated on by everyone on Twitter? They're going to sell more albums because of it. Every time.

Edit: Just like the trolls, your best bet to change the landscape of social media is to ignore the bad actors, including the social medias themselves. Don't engage with them and don't advertise for them by talking about them. Kbin's second largest magazine is RedditMigration. You're defining this place by the continued existence of reddit. Guys: Move. On. Let it die.

Froyn,

What did Kevin Smith do??

Itty53, (edited )
@Itty53@kbin.social avatar

Nothing. But Weinstein produced all his movies, and Weinstein makes money every time they stream. He owns the IP, not Smith. And more are in the works. All the while Smith is downplaying his association with the guy. That kind of thing happens all over. It's just people making opportunity out of catastrophe, a very time honored tradition in human society. The fact is Smith cares more about continuing to make his money playing the same character he has since the 90s - despite a sick, disgusting rapist profiting from it every time - shows just how out of touch with the way businesses and money works that most people are. When he goes on stage and calls Weinstein a rapist gargoyle and nods along with the crowd, keep all that in mind. He's still actively working to earn that gargoyle money because it earns Kevin Smith a lot of money as well.

We like to think we're the ones in touch with reality, but realities aren't mutually exclusive. When we say wealthy people live in a "different reality" we're not saying they live in something that isn't reality. It is. For them. Not us. And understanding that is key to empowering us to change those realities.

Froyn,

So any Miramax film made during Weinstein's tenure should be shunned. Got it.
https://en.wikipedia.org/wiki/List_of_Miramax_films -- So you know what all you're stating, he's every film they've been involved in.
Any time Weinstein's name shows up in a credit on a movie/tv, he gets a residual. His are probably forced to go to his victim fund. Smith is donating his residuals from that era to "Women in Film", voluntarily.

Miramax and Weinstein broke up BTW. Weinstein only holds the rights to Dogma, Miramax still owns the rest. Smiths' current production company is Lionsgate. While Lionsgate's subsidiary Spyglass bought most of the Weinstein Company catalog, they are not owned/operated by Weinstein.

People are multi-faceted. I believe Smith when he said he "didn't know THAT person" when speaking of Harvey. Smith probably viewed him the same way you would a priest. I'm certain that pedophile priests aren't acting all pedophily during Sunday Services. Again, you're logic is that we should burn down the church because a priest couldn't stop being hands-on with the altar boys.
Harvey Weinstein didn't create the characters or write the script. He didn't direct the movies. He wrote numbers and signed the check.

Show me anything stating that Weinstein owns more than Dogma.

Miramax produced the following:
October 11, 2002 Pokémon 4Ever

I guess that means that Ash needs to be held to account for Weinstein's transgressions, right?

arcrust, to RedditMigration in Fidelity has cut Reddit valuation to $5.5B from $10B

Oh no. I wonder what happened /s

Crylos, to RedditMigration in Reddit protest plunges user engagement, site activity and ad portal visits
@Crylos@lemmy.world avatar

I was spending easily 2-4 hours a day scrolling through my feed on Reddit, it impacted me in so many ways that I didn’t see at the time.

Now? I’m enjoying a quick pop in on Lemmy and find myself enjoying my time away from the scrolling for content. I’m enjoying moderating a community and the definite lack of trolls at the moment.

Here’s to hoping this atmosphere continues for the foreseeable future!

Packopus, to RedditMigration in Reddit protest plunges user engagement, site activity and ad portal visits

@abff08f4813c The main thing about all this is that there were no alternatives to Reddit until now. We needed a good push and reason to leave but never had a tangible alternative with nothing even showing up in Search results worth checking out. Now we do, All these big corps are screwing themselves, and we now have a BETTER alternative than all of them. So keep screwing up, Reddit, we have a place to go now. Keep screwing up, Twitter, Google, StackOverflow, Tumblr, Imgur, and all others that will soon follow suit.

CybranM, (edited )

What has Stackoverflow done? Im ootl on that one

danieljoeblack,

They are seeing a decrease in usage since ChatGpt came about. They had implemented a network wide no AI generated answer policy, but after seeing their number declined decided to blame the mods for removing and banning users who were posting AI answers.

They refuse to show any data that supports their claims (that the mods banning users accounts for the decrease in usage), have told mods in private that they can no longer enforce the rule, but still want the rule to be in place.

They have continuously said one thing and done another, slowing eroding moderator and user trust. You can checkout the meta stack overflow site for the entire situation.

SkyeStarfall,

What's up with all the companies shooting themselves in the foot all at the same time?

danieljoeblack,

I think a lot are trying to monetize the LLM craze, hoping to get OpenAI to pay for the training data, but idk

apemint, to RedditMigration in Reddit protest plunges user engagement, site activity and ad portal visits
@apemint@kbin.social avatar

That “blackout” movement, which briefly caused Reddit to go down, dropped daily traffic by about 7%

I wouldn't call single digit percentages a plunge.
But who knows, maybe they will continue to bleed users and the protest was just the first crack in dam wall:

Experts are unsure if the current protest will significantly impact Reddit or if it will just be another controversial moment in the platform’s history.

whofearsthenight,

I've said this before and I'll say it again, I don't think the largest wave of users leaving has hit yet. Once the big apps shut down today, I think there is going to be another wave that actually leaves, and then it's just going to trickle out for months probably as reddit gets less relevant since the people actually making the content are likely to be the ones to move.

Varyag, to RedditMigration in Reddit protest plunges user engagement, site activity and ad portal visits
@Varyag@kbin.social avatar

Honestly, while I'm happily settled here in the "threadiverse" and all that, I've seen that the main subs I used to visit and have now reopened, are all working about the same as before the protests. They were all basically niches, so they weren't as badly affected by bot comments and the such. We will see, however, if their moderation can still keep up after the 1st tho.

CMLVI,
@CMLVI@kbin.social avatar

I feel like I'm seeing way less posts moving through Hot. I'll have articles from 13+ hours among my feed, where that used to not happen. A 6-7 hour gap would fully refresh the feed just about, whereas now if might be closer to 2/3s new.

Won't have much to compare to now, account wipe starts tonight.

abff08f4813c,

Thank you for your service!

abff08f4813c,

. We will see, however, if their moderation can still keep up after the 1st tho.

That's exactly it, I think. Outlook: Doubtful

Calcharger, to RedditMigration in Reddit protest plunges user engagement, site activity and ad portal visits
@Calcharger@kbin.social avatar

Let's see if it continues through July and August.

I'm hopeful, but there is still a lot of content engagement over on Reddit. It doesn't seem like it's struggling all that much from a surface level observation.

sarsaparilyptus,

It probably won’t, Summer Reddit has been a known phenomenon for years. It’s going to be flooded with even more children than usual.

blivet, (edited )
@blivet@kbin.social avatar

It will probably drive away a lot of adults, though. Even if they are unaware of the Fediverse or don’t consider it an acceptable substitute for Reddit, they won’t stay if the threads are dominated by bored teens screwing around.

It’s already bad enough. On my single visit back a few days ago it struck me that the largely ignorant and unperceptive comments I was reading were probably written by kids who were just killing time and didn’t actually have much interest in the topic at hand.

kbity, (edited )
@kbity@kbin.social avatar

A flood of children at the same time as an exodus of the type of users who actually upload good content to Reddit could definitely set up the conditions for a steady bleed of users away from the site, though. Especially with moderators' ability to actually do their job being impacted by the API changes.

grahamsz,

Also worth noting that reddit control the metrics that they release for a lot of this.

There's no real measure of good engagement vs shallow engagement, so they can find a way to show that user visits are up even if the worthwhile content is starting its slow slide. Shit, i probably used to visit reddit once a day for 12 hours, but now i visit 5 times a day when i instinctively enter the URL.

abff08f4813c,

So the metrics that reddit controls are showing that things are going down. How bad must things be that even reddit can't hide it from their metrics now?

If we could truly measure good vs shallow engagement, I wonder how much worse these numbers would be.

grahamsz,

I think most of these are third party metrics collected from ad services, we've seen a few choice ones from reddit about how little traffic has dropped but of course Reddit will find ways to express an ever rising metric until they can't.

Facebook somehow reports near magical user growth, but 90% of the people I'm connected to it barely seem to be there.

I strongly suspect, but can't prove, that the 80/20 rule applies to reddit. I expect 20% of the users create 80% of the content and engagement, and that even if only 1% of reddit leaves it's almost certainly coming out of the productive 20%. However i'll bet Reddit will never start openly sharing stats about how engaged the top quintile of their users are, because that provides too much insight. Much better to talk about monthly active users and count those of us that flip over there by mistake or for one community we can't replace here.

abff08f4813c,

Which subs in particular?

The largest ones like r/pics are still protesting iirc (protest engagement seeming to bring in less ad revenue than normal traffic) and some large ones like r/Minecraft have shutdown. (Someone else made a good point about the biggest subs not having particular tribes and thus the mods are theoretically easier to replace than a smaller knit community - but the ones currently in charge are still trying.)

Engaging over protest content seems to still be hurting reddit where it counts. Some subs have gone completely to normal (and this is what reddit is trying to promote on r/all) but it seems not enough.

esc27,

This is (maybe) the "beginning" of the end for Reddit, not the "end" of the end. The big change isn't Reddit, but here.

When Digg fell, everyone moved to Reddit. When this API situation started there was not an obvious new solution to move to. Lemmy/KBin were mentioned but not readily accepted due to concerns with the content and capabilities of the fediverse. That is changing quickly, and the next time Reddit screws up, we will have much more active communities, quality apps, and fewer bugs.

Jinxyface,

Giant websites like Reddit don’t die overnight, death by a thousand cuts is how it happens.

No one expects Reddit to shutter in the span of a month or two, but as more and more people get fed up and move, the rest will follow.

Everyone who acts like Reddit can’t crumble when social media changes all the time are silly. Reddit won’t be around forever

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