Entertainment
Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway
Reddit, the discussion board site noted for its constantly online user base and for sparking much internet debate, filed for its long-awaited initial public offering on Thursday.
This would make Reddit the first social media business to go public since Snapchat in 2017. The offering will include a twist that may allow some of the most ardent of its more than 70 million daily users to purchase shares in the IPO — something generally reserved for institutional investors.
Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway
The company claimed that top users can buy shares based on their “karma,” a term the network uses to describe its users’ contributions and reputation on the website.
“Our users feel a strong feeling of ownership over the communities they form on Reddit. We want this sense of ownership to translate into real ownership — for our users to be our owners’, co-founder and CEO Steve Huffman wrote in a Thursday filing letter. “Becoming a public company makes this possible.”
The company’s registration comes amid a dip in the overall IPO market, with Wall Street hoping that a blockbuster offering will help revitalise dealmaking.
According to a Securities and Exchange Commission filing, the San Francisco-based company plans to list on the New York Stock Exchange under the “RDDT.” The filing comes nearly three years after Reddit recruited its first CFO, and officials, including co-founder and CEO Steve Huffman, began publicly discussing the potential of an IPO to raise the company’s visibility.
Reddit, which has not been profitable, plans to expand its revenue through advertising, offering more e-commerce options, and licensing its data to other companies to train their artificial intelligence models.
“Our work to make Reddit faster, easier to use, easier to moderate and govern, and simpler to navigate and find relevant communities is driving growth today and will continue to be our focus into the future,” Ms. Huffman said.
The company was sold to media giant Condé Nast in 2006 by its co-founders Alexis Ohanian, who left the company in 2020, and Huffman, who now owns 3.3%. According to the IPO filing, the company’s top shareholders are currently Advance Publications (30.1%), which owns Condé Nast, Tencent (11%) from China, and OpenAI CEO Sam Altman (8.7%).
History of the ‘Front Page of the Internet’
The company, dubbed the “front page of the internet,” is a social media veteran; the firm was founded in 2005, the year college buddies Huffman and Ohanian graduated from the University of Virginia. It was the same year that Facebook became Facebook, YouTube released its first video, and Twitter (now known as X) launched.
Reddit’s 18-year history as an online social hub has witnessed tremendous growth, occasional controversy, and sometimes market-shifting pranks.
The network is well-known for its “subreddits,” which are distinct, user-generated discussion boards where users establish communities around various topics ranging from sports to politics to religion and everything in between. the company users frequently post anonymously in these areas, debating topics ranging from memes to big news events.
Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway
In 2021, Reddit created widespread market disruption when a community of day traders on the WallStreetBets platform began buying up GameStop shares in an attempt to harm hedge funds that bet against it. Many Redditors who joined the craze late suffered big losses.
Still, the episode highlighted the power of the company communities. Following the WallStreetBets incident, Reddit announced a fresh $250 million investment round, valuing the firm at $6 billion. It also declared plans to grow its workforce and enter overseas markets.
A significant user outcry earlier this year over a proposal to charge some third-party apps millions of dollars in fees to continue using the network brought the company back into the public eye. As a result, hundreds of the platform’s most popular subreddits were offline for weeks. The protest ended after Reddit threatened to expel forum moderators if the blackout continued.
Thursday’s filing provides the most extensive look yet at Reddit’s business, which aims to expand beyond the traditional ad-supported model on which other social networks still rely heavily.
The company says it had more than 73 million daily active users in the latter three months of 2023, up from 52 million in 2021. In its filing, the company stated that the platform would have over 100,000 active communities by December 2023.
The company’s revenues in 2023 were $804 million, up 21% from $666.7 million in 2022. Reddit recorded a net loss of $90.8 million in 2023, less than the $158.6 million loss it experienced in 2022.
Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway
While the company estimates its total addressable market in advertising to reach $1.4 trillion by 2027, it also stated in the filing’s risk factors statement that it has “a history of net losses and we may not be able to achieve or maintain profitability in the future.”
The company also announced intentions to increase revenue by selling data to AI startups and focusing on the “user economy.” The filing outlines a future goal to enhance e-commerce on the site and increase user incomes through the Reddit Contributor Programme and Reddit Collectible Avatars Creators Programme. According to the filing, these systems allow users to earn monetary gifts and prizes, from which the corporation may receive a share.
On Thursday, the company also announced an expanded cooperation with Google, which includes access to Reddit data to train Google’s AI models and improve the display of Reddit content across Google platforms.
SOURCE – (CNN)
Entertainment
Gladiator II Rakes in $87 Million in Weekend Debut
Despite not playing in theaters in the United States, Canada, and China until this coming Friday, Gladiator II earned $87 million over the weekend, which is the best foreign opening for a Ridley Scott film to date.
Last week, the picture premiered in 63 countries, including the UK, and grossed $11.4 million from 722 theatres. Particularly impressive was its performance in France, where it raised $10.3 million from 729 outlets.
But this one is a little weaker compared to February’s smash hit sequel, Dune: Part Two, which grossed $97 million worldwide in its opening weekend. At the same time, Deadpool & Wolverine made $233 million for Disney, while Inside Out 2 for Pixar grossed $140 million.
The Fall Guy, an action comedy starring Ryan Gosling and Emily Blunt, earned $36.7 million in its opening weekend worldwide, while Furiosa: A Mad Max Saga earned $30 million.
Last Monday, King Charles III attended a screening of Gladiator II in London, capping off a weeks-long worldwide press tour for the film’s cast and production. A Mexican biscuit brand, Rome’s public transportation system, and a German bank VR are just a few multinational brands it has teamed up with to boost its visibility.
In Australia, dessert merchant Oliver Brown offered a special edition of pistachio-heavy puds and drinks dubbed the Emperor’s Collection. The Gladiator II salted caramel latte is available at French Coffee Shop, a business in Paris.
After poor statistics for Venom: The Last Dance and The Rock’s comedy Red One, which premiered worldwide last week, fans hope that Scott’s delayed sequel can lift the global box office for the last month and a half of the year.
Some are predicting a Barbenheimer-style struggle for the top spot in the US box office when Gladiator II and the highly anticipated musical Wicked premiere on the same day, even though double-bill events are unlikely to be very popular.
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Entertainment
Blizzard’s Remastered Versions Of Warcraft 1 And 2 Are Now Available On PCs.
(VOR News) – It has been said by Blizzard that it does not intend to remake Warcraft 1 and 2 since the company believes that these games are “just not that fun any longer.”
When the corporation first made this declaration, it has been almost exactly eight years since it was delivered.
However, the firm has only recently made the news that it will be doing precisely that, and as part of the celebrations for Warcraft’s 30th anniversary, both of the remastered versions are now available to play. The celebrations did not start until today.
The public first played Warcraft in 1994.
This game played a significant role in Blizzard’s rise to the top of the competition. In the year that followed, Warcraft 2 was hastily created in order to suit the requirements of the burgeoning fanbase that the first Warcraft had established.
Additionally, the company has just disclosed that they will be remastering the games, and these remasters will contain a variety of additions to the traditional real-time strategic action that is included in the games.
The initial stage of these enhancements to the development process consists of a new collection of hand-drawn pictures that may be toggled on and off in real time. The artistic style of the originals has been said to be completely captured by these photos, according to the assertions made.
Specifically, Blizzard has implemented “modern controls” for Warcraft 1, which include the option to move with a right click, the ability to pick bounding boxes, and a faster progression rate.
These features are all present in the Warcraft game.
The alterations that have been made include these, however they are not the only ones. It is important to note that these changes have been introduced in addition to the user interface and user experience enhancements that have been implemented throughout both games.
Tool tips, health bars, mission decision screens, and increased unit selection are some of the enhancements that have been introduced in this version of the game. As an additional feature, the multiplayer mode that was included in the first version of Warcraft 2 is still included in the remastered version of the game.
As an additional point of interest, each and every one of the legacy custom maps is entirely compatible with the new edition and may be played in the same capacity.
Despite the fact that there is currently no information regarding whether or not Warcraft 1 Remastered and Warcraft 2 Remastered will eventually be made available on other markets, both of these remastered versions of the game are currently available for purchase on Battle.net for personal computers at prices of $9.99 and $14.99, respectively.
Both of these versions of the game are remastered versions of the original game. A Battle Chest bundle is also available for purchase, and it can be purchased for the price of $39.99. All of the titles that have been remastered are included in this bundle, in addition to Blizzard’s Warcraft 3: Reforged, which has been met with a considerable deal of criticism.
Blizzard has been making continual efforts to improve the game ever since it was first made available to the public in the year 2020.
This is despite the fact that the game was met with poor reviews practically immediately after it was released. An entirely new upgrade, version 2.0, is currently being made available to all gamers without delay.
One of the numerous enhancements to the quality of life that are included in this is “much, much more,” in addition to a wide range of options for personalizing the hockey experience within the game and a new ladder.
In addition to the high-definition versions of all of the older Warcraft assets, these upgrades also include new environments and lighting, a redesigned user interface, and a variety of other enhancements.
SOURCE: EG
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Yellowstone Season 5 Part 2 Returns Without Kevin Costner
“Most Photographed Bear in the World,” Grizzly 399 Dead in Automobile Collision
Entertainment
Yellowstone Season 5 Part 2 Returns Without Kevin Costner
Yellowstone will finally return for the second half of its fifth season. We have a lot to speak about, such as recalling what is going on in this program, Kevin Costner’s departure, and whether or not season 5, part 2, will truly end Yellowstone.
Season 5 Part 1 ended on a cliffhanger—we could be in for a full-fledged Dutton family civil war—and we’ve been waiting for nearly two years.
A quick recap: nothing changes from how this program usually goes, except it’s a little more intense. Beth Dutton (Kelly Reilly) despised Jamie Dutton. Jamie Dutton (Wes Bentley) despised Beth Dutton.
That has always been the case since childhood trauma, but now things have escalated. Their father, John Dutton (Kevin Costner), is now Montana’s Governor, and Jamie, who should be his top legal thinker, is played by a group of local businessmen known as Market Equities.
Anyway, Jamie and Beth are attempting to kill each other, and John appears to be leaning toward Beth’s side.
Given Kevin Costner’s public exit from the program, part 2 of season 5 will be especially noteworthy. Long story short, he departed to make his Horizon films and never returned.
So, how will Yellowstone pick up the tale without John? That much is unknown, which adds to the season’s appeal!
Of course, our other characters continue to do what they do. Rip (Cole Hauser) is doing his Rip thing. Kayce (Luke Grimes) oversees the ranch. His wife, Monica (Kelsey Asbille), is still grieving the loss of their unborn son.
But we do have some high stakes to pick up—and they will begin on Sunday, November 10th, whether Kevin Costner appears on screen or not.
Another twist: While we believed season 5 would conclude the Yellowstone story, part 2 is in the works.
There have also been suggestions that Yellowstone could return for a sixth season, starring Cole Hauser and Kelly Reilly as Rip and Beth. Hmm, certainly!
Yellowstone’s fifth season, part 2, will air each episode of the truncated half-season on Sunday nights at 8:00 PM EST.
The episodes will then be shown on linear TV, Hulu with Live TV, or the Paramount Network website and app for those with a cable subscription. The premiere will also re-air on CBS at 10:00 p.m. EST.
Yellowstone season 5, part 2, will consist of six episodes, the first of which is currently accessible to watch and stream. That implies the series might end with five more episodes of Western family drama.
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