Reddit Wants to IPO - But Is Reddit Still Relevant?
This is a single insight from This Week in Apps - Is Blue the New Black?. Check out the full article for more insights.
News emerged last week that forum platform Reddit is seeking a public offering.
If you've been following the news about Reddit in the last year, this shouldn't be that big of a surprise. Between its investment in NFTs and closing up its ecosystem, it's clear Reddit wants to cash out.
But here's the real question - is Reddit still relevant?
Let's have a look at downloads over the years.
Reddit has been growing steadily for quite a while now but 2023 hasn't been all that great. In fact, downloads actually shrunk in 2023 for the firm time - and not by a little.
In more absolute terms, we estimate Reddit's mobile apps were downloaded 38M times in 2023, down from 54M in 2022. That's quite the drop!
The last time Reddit was in the 30s was in 2020 after growing more than 37% year over year.
You could say that Reddit is more of a website than a mobile app making this trend less alarming. And searching on Google, you're very likely to come across a top result that's on Reddit, further enhancing that point.
But just like Bluesky, web users are very different than mobile users when it comes to communities, making this decline very significant.
I'm no financial advisor but I expect Reddit's IPO to be rocky. I do like Reddit though so I hope I'm wrong.
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All figures included in this report are estimated. Unless specified otherwise, estimated revenue is always net, meaning it's the amount the developer earned after Apple and Google took their fee.