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."
Aidan McClean, co-founder and CEO of UFODRIVE, joined Cheddar News to discuss how his company plans to shake up the car rental market with a digital experience. "There are no lines, there are no paperwork, there is no key collection ... no pushy insurance or pushy fuel options," he said. "You simply arrive for your electric car, use your smartphone and drive away."
Nearly half of Americans report having to side hustle to make ends meet, according to a survey from LendingTree. Jane Oates, president of WorkingNation, joined Cheddar News to discuss the state of play as families are having a difficult time with inflation and high-interest rates.
Melissa Armo, founder and owner of The Stock Swoosh, joined Cheddar News to discuss this week's markets which were little changed in trading as investors digested the latest corporate earnings results as concerns over a coming recession grow.
Peter Krull, a partner and director of sustainable investing at Prime Capital Investment Advisors company Earth Equity Advisors, joined Cheddar News to give some tips on green investments.
Investment in space was down 53% over the first three months of the year, according to a report from investment fund Space Capital. Chad Anderson, founder and managing partners of Space Capital, joined Cheddar News to discuss the funding downturn that's hit the lowest level in 14 quarters for the space industry.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that’s shedding about 15% of its entire staff, adding to layoffs made earlier this year.
