Reddit is opening some of the most visited real estate on the internet to advertising. The platform now offers a new ad type called "Trending Takeover," which allows companies to place branded content on the Popular feed and search bar for 24 hours.
This gives advertisers a chance to place their content next to the biggest trending topics on the website, whether that's a cat video or a coronavirus update.
"One of the most popular parts of Reddit is our popular tab and the search bar," Shariq Rizvi, vice president of ads product and engineering at Reddit. "These are parts of the Reddit app that are visited by more than a third of our users on a daily basis."
The new offering marks Reddit's push to diversify beyond simple banner ads and promoted content. The site chose the Popular feed and search bar because they are core to Reddit's model of curation and discovery.
"These are the parts of the app where users go to discover the new trends, the conversations, the fads, which are born every day on Reddit," he said.
Reddit attracts upwards of 430 million users per month, according to the company.
Despite this expansive readership, the company has historically focused less on revenue than fellow social media giants such as Twitter and Facebook. But over the last year, it seems to have taken a renewed interest in boosting ad sales.
In April 2019, Reddit hired Jen Wong, formerly a senior executive at Time Inc., as chief operating officer. It also started pitching agencies more aggressively, according to a CNBC report.
"We've been growing our ad business in an aggressive way," Rizvi said. "We have seen tremendous growth year-over-year."
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
