Reddit Unveils New Business Tools and Ad Format at CES
At the Consumer Electronics Show in Las Vegas, Reddit introduced innovative tools targeting businesses and revealed a fresh ad format for its popular Ask Me Anything (AMA) Q&A sessions. This exciting development follows a remarkable fiscal quarter for Reddit. In Q3 2024, the social network celebrated reaching over 100 million daily active users for the first time, reflecting a 47% increase from the previous year. Additionally, Reddit experienced a 68% year-over-year revenue surge, surpassing $348.4 million and achieving profitability for the first time.
Introducing Reddit Pro Trends
Reddit is enhancing its free suite of tools for brands, known as Reddit Pro, by adding Reddit Pro Trends. This feature enables companies to monitor what users are discussing about “virtually anything” on Reddit. According to a blog post from Reddit, businesses can now track keywords or phrases such as brand names, product categories, and viral trends within a new “Trends” tab on the Reddit Pro menu.
- Visualize Reddit conversation volume for around 100,000 “smart” keywords and phrases.
- Access a list of communities mentioning specific keywords or phrases.
- Receive a feed of conversations featuring the keywords.
- View related keywords (coming soon).
“Community favorites like Wayfair and the NBA have already been using Reddit Pro Trends to engage with communities interested in their offerings,” Reddit stated in their post. “For emerging businesses like Nudge Security, Van Votz, and No Reception Club, these insights facilitate finding and connecting with their target audience on Reddit. In fact, participating businesses have seen a 12% increase in posts created due to Reddit Pro Trends.”
{Reddit Blog Post}
New AMA Ads Feature
In addition to this, Reddit is launching AMA Ads—a novel way to amplify AMA sessions across the platform. AMAs are Q&A formats that allow experts to answer questions from Reddit users. Businesses can now promote these sessions directly through Reddit’s ad dashboard and track RSVPs for specific events.
Reddit has been intensely focused on growth following its initial public offering last spring. Recent strategic moves include introducing AI-powered translation to numerous new regions in September and expanding its international presence in markets such as the UK, India, Brazil, and the Philippines by November. Despite these expansions, the U.S. remains dominant, contributing 83% of Reddit’s total revenue according to Q3 results.
Reddit COO Jen Wong shared with CNBC that the company intends to broaden its local advertising reach into other countries soon.
{CNBC Interview}
The unveiling of these new tools and features underscores Reddit’s commitment to enhancing user engagement and providing businesses with valuable insights into community discussions.
