After Condé Nast acquired Reddit five years ago, the publisher often struggled to allocate an appropriate amount of resources to ensure its social news site could flourish. Despite that, Reddit has grown from having 700k page views a day to just as much traffic in 15 minutes according to the company’s official blog. To keep up with the rapid growth, Reddit is breaking away from being a division of Condé Nast and becoming reddit inc.
With that being said, Advance Publications will still retain ownership of Reddit. The same organization also owns Condé Nast. Though Reddit co-founder Alexis Ohanian left the company several years ago, he will serve as one of board member advising the company. Reddit is also on the search for a new CEO who will ideally help foster even more growth and bring in more employees as well. More importantly, the following statement caught my eye:
The reddit team, our Board, our informal advisors, and many in the reddit community sincerely believe that reddit has the potential, over the next generation, to positively impact journalism, civic engagement, fundraising, product development, and learning.
It is clear that Reddit is becoming one of the most powerful social news sites if not the most. It is already one of the top 50 most visited websites in the U.S. according to Ohanian. Reddit definitely has a great outlook, but it would not be surprising to see another new innovative service rise again as someone who once was a regular Digg user. Though this announcement adds some confidence, Condé Nast has apparently tried to sell Reddit once before. Either way, I hope Reddit continues to flourish as it is remains one of my main “go to places” for entertainment.