Good thing they monetized their API.
this post was submitted on 23 Feb 2024
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They need to pay the users with that money
Delusional comment
Or genius. New company idea. Sell data from the start and share revenue with contributors.
time to go edit all my old comment with random garbage generated by chatgpt
It is probably way too late for that to make any difference, no?
Probably, but one thing I learned too late in my life is that by being cynical you're assured to never get anything done
who knew my old shitposts are worth that much
This is the best summary I could come up with:
Earlier this week, Bloomberg and Reuters reported that a “large unnamed AI company” — possibly Google — had entered into a licensing agreement worth about $60 million on an annualized basis.
“[Our] data APIs are able to provide real-time access to evolving and dynamic topics such as sports, movies, news, fashion, and the latest trends,” the prospectus continues.
“We believe that Reddit’s massive corpus of conversational data and knowledge will continue to play a role in training and improving large language models.
Content producers, from stock media libraries to news publishers, are increasingly turning to data licensing agreements with AI vendors as chatbots like OpenAI’s ChatGPT and Google’s Gemini threaten to sap traffic.
Vendors, in turn, have been spurred to pursue licensing agreements as they face a deluge of lawsuits alleging that they have no legal justification for training their models on data without permission or payment.
OpenAI, for one, has agreements in place with image gallery Shutterstock as well as publishers including Axel Springer, the owner of Politico and Business Insider.
The original article contains 564 words, the summary contains 172 words. Saved 70%. I'm a bot and I'm open source!
$203M in one licenced transaction. Selling their data to Google. No one is falling for this shit.
Literally the only way they could become profitable.
I'm honestly more upset at this deal (I think it was google?) than the CEO pay thing, which is all stock options and mostly ragebait.
I expect to see them last 3-5 years and get bought out by some bit tech firm, all current execs take their payouts, sell their shares and retire.
Reddit doesn't own that data. The community owns it.
Maybe there's something in the terms of service but that shouldn't hold water because nobody has ever read that document.