{
 "company": "reddit",
 "as_of": "2026-09-24",
 "choices": [
  {
   "id": "reddit-p02",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Cold start",
   "statement": "In the first months the founders submitted all the content themselves, using fake user accounts to make the site look active.",
   "event_date": "2005",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "RD24"
   ]
  },
  {
   "id": "reddit-p03",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Discussion",
   "statement": "Comments on submitted links were added in 2005.",
   "event_date": "2005",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD30"
   ]
  },
  {
   "id": "reddit-p01",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Entry product",
   "statement": "Reddit launched within about three weeks of Y Combinator's first batch with minimal code: users submitted links and user votes ranked the front page, with no human editors.",
   "event_date": "2005-06",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "RD8"
   ]
  },
  {
   "id": "reddit-g01",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Launch channel",
   "statement": "Paul Graham linked to Reddit from his popular blog without warning, bringing the first users.",
   "event_date": "2005-06",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "RD3"
   ]
  },
  {
   "id": "reddit-p04",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Community structure",
   "statement": "Huffman created the first topic subreddits (programming, then politics) to keep political posts from dominating the single front page, choosing communities over the tags Ohanian favored.",
   "event_date": "2006",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "RD3"
   ]
  },
  {
   "id": "reddit-g02",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Ownership",
   "statement": "The founders sold Reddit to Conde Nast for about $10 million, roughly 16 months after launch.",
   "event_date": "2006-10-31",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD46"
   ]
  },
  {
   "id": "reddit-p05",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Community structure",
   "statement": "Reddit opened creation of public, restricted and private communities to users, starting with a closed beta; Huffman had created the first few himself since 2005 (RD46).",
   "event_date": "2008-01-22",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD42"
   ]
  },
  {
   "id": "reddit-g04",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Advertising",
   "statement": "Reddit launched sponsored content and a self-serve ads platform.",
   "event_date": "2009",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD30"
   ]
  },
  {
   "id": "reddit-p06",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Paid feature",
   "statement": "Reddit Gold launched as a voluntary subscription before any benefits were defined; it raised more on its first day than ads made that month.",
   "event_date": "2010-07",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "RD3"
   ]
  },
  {
   "id": "reddit-g05",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Rival migration",
   "statement": "As Digg users declared 'Abandon Digg Day', Reddit tweaked its logo to look like Digg's and its moderators posted a Reddit 101 guide for newcomers.",
   "event_date": "2010-08-30",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD37"
   ]
  },
  {
   "id": "reddit-g06",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Ownership",
   "statement": "Reddit became Reddit Inc., an independent company owned by Advance Publications with its own board, citing growing pains from traffic growth.",
   "event_date": "2011-09-06",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD43"
   ]
  },
  {
   "id": "reddit-g07",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Funding",
   "statement": "Sam Altman led Reddit's Series B, with Sequoia participating.",
   "event_date": "2014",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD3"
   ]
  },
  {
   "id": "reddit-g08",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Advertising",
   "statement": "Reddit earned $8.3 million in ad revenue in 2014.",
   "event_date": "2014",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD1"
   ]
  },
  {
   "id": "reddit-p08",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Platforms",
   "statement": "Reddit launched official iOS and Android apps after Huffman's return.",
   "event_date": "2015",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD30"
   ]
  },
  {
   "id": "reddit-p07",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Governance",
   "statement": "After returning as CEO, Huffman and the team wrote Reddit's first content policy and began banning communities, ending the rule that Reddit did not remove content.",
   "event_date": "2015-08",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "RD3"
   ]
  },
  {
   "id": "reddit-p09",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Media hosting",
   "statement": "Reddit began hosting images directly (2016) and video (2017) instead of relying on outside hosts.",
   "event_date": "2016",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD30"
   ]
  },
  {
   "id": "reddit-g09",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Business model",
   "statement": "After Jen Wong joined as COO, Reddit chose advertising as its single business model to keep the site free and open, with human review of subreddits for brand safety and no ads on adult communities.",
   "event_date": "2018",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "RD3"
   ]
  },
  {
   "id": "reddit-p10",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Interface",
   "statement": "Reddit launched its first major website redesign in a decade.",
   "event_date": "2018-04",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD30"
   ]
  },
  {
   "id": "reddit-p11",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Community structure",
   "statement": "About 138,000 subreddits were active out of 1.2 million created.",
   "event_date": "2018-07",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD30"
   ]
  },
  {
   "id": "reddit-g10",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Advertising",
   "statement": "Reddit introduced an automated self-serve auction marketplace aimed at small and mid-size advertisers.",
   "event_date": "2020",
   "date_precision": "year",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD1"
   ]
  },
  {
   "id": "reddit-g11",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Funding",
   "statement": "Reddit raised $410 million in a Series F led by Fidelity at a $10 billion valuation.",
   "event_date": "2021-08",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD1"
   ]
  },
  {
   "id": "reddit-p12",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Discovery",
   "statement": "Reddit launched a Discover feed recommending communities based on memberships and time spent, and refreshed its interface in April 2023.",
   "event_date": "2022-02",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD1"
   ]
  },
  {
   "id": "reddit-p13",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Performance",
   "statement": "Reddit's pages had been made two to five times faster, which Huffman linked to better search ranking.",
   "event_date": "2023-05",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "RD21"
   ]
  },
  {
   "id": "reddit-p14",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Third-party access",
   "statement": "Paid API terms took effect at the start of July 2023 and third-party clients Apollo, Sync, BaconReader and Boost shut down; accessibility apps RedReader, Luna and Dystopia were exempted.",
   "event_date": "2023-06-30",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD45"
   ]
  },
  {
   "id": "reddit-g13",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "API pricing",
   "statement": "Reddit charged commercial API users $12,000 per 50 million requests, keeping access free for moderator tools and noncommercial research.",
   "event_date": "2023-07",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD1"
   ]
  },
  {
   "id": "reddit-p15",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Ranking",
   "statement": "Reddit retrained its home-feed ranking with more data, reporting over 30% more 'Good Visits' in Q4 2023 than Q2 2023 (S-1).",
   "event_date": "2023-12",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD1"
   ]
  },
  {
   "id": "reddit-g12",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Ad sales mix",
   "statement": "About 65% of direct ad revenue came from the large-customer sales business and about 30% from mid-market and small advertisers (S-1, Q4 2023).",
   "event_date": "2023-12",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD1"
   ]
  },
  {
   "id": "reddit-g14",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Data licensing",
   "statement": "Google gained access to Reddit's Data API under an expanded partnership that also moved Reddit onto Google Cloud's Vertex AI.",
   "event_date": "2024-02-22",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD16"
   ]
  },
  {
   "id": "reddit-g21",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Data licensing",
   "statement": "Reddit's S-1 disclosed data licensing arrangements with an aggregate contract value of $203.0 million and two-to-three-year terms, with at least $66.4 million to be recognized in 2024.",
   "event_date": "2024-02-22",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD35"
   ]
  },
  {
   "id": "reddit-g15",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "IPO",
   "statement": "Reddit listed on the NYSE and invited users and moderators to buy shares in the IPO.",
   "event_date": "2024-03-21",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD5"
   ]
  },
  {
   "id": "reddit-g16",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Data licensing",
   "statement": "Reddit signed data partnerships with OpenAI and Sprinklr; other revenue, including licensing, rose over 690% year over year in Q2 2024.",
   "event_date": "2024-05",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD18"
   ]
  },
  {
   "id": "reddit-p17",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Moderation tools",
   "statement": "Reddit used AI to flag rule-breaking content and reduce moderators' workload.",
   "event_date": "2024-06",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD18"
   ]
  },
  {
   "id": "reddit-g22",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Data access control",
   "statement": "Reddit blocked most automated crawlers from its site, leaving access to licensed partners.",
   "event_date": "2024-07",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD51"
   ]
  },
  {
   "id": "reddit-p16",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Logged-out experience",
   "statement": "Reddit stopped pushing search visitors to log in and showed content first, while serving personalized ads to logged-out users.",
   "event_date": "2024-09",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "RD21"
   ]
  },
  {
   "id": "reddit-p20",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Translation",
   "statement": "Machine translation of posts into other languages drew four times as many users in Q3 2024 as in Q2, through translated pages indexed by external search engines (management statement).",
   "event_date": "2024-09",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "RD49"
   ]
  },
  {
   "id": "reddit-p18",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Search",
   "statement": "Reddit launched Reddit Answers, an AI-powered conversational search over Reddit content.",
   "event_date": "2024-12",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD19"
   ]
  },
  {
   "id": "reddit-g17",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Ad format mix",
   "statement": "Performance advertising was about 60% of ad revenue, supported by automated campaign tools for mid-market and small advertisers.",
   "event_date": "2024-12",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD19"
   ]
  },
  {
   "id": "reddit-g18",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Data licensing",
   "statement": "Reddit signed a content licensing partnership with Intercontinental Exchange for financial data products.",
   "event_date": "2024-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD19"
   ]
  },
  {
   "id": "reddit-g20",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Data enforcement",
   "statement": "Reddit sued Anthropic, alleging training on Reddit data without authorization.",
   "event_date": "2025",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "RD25"
   ]
  },
  {
   "id": "reddit-p19",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "product",
   "dimension": "Translation",
   "statement": "Machine translation of Reddit content covered 35 languages (eight at the end of 2024), described as a top-of-funnel growth engine.",
   "event_date": "2025-12",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD10"
   ]
  },
  {
   "id": "reddit-g19",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Advertising",
   "statement": "Reddit launched Reddit Max, an AI-automated campaign type, in public beta.",
   "event_date": "2025-12",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "RD10"
   ]
  },
  {
   "id": "reddit-g03",
   "business": "Consumer community platform of user-created subreddits for sharing and discussing links and posts, monetized by advertising and, from 2023-2024, API access and data licensing",
   "category": "go_to_market",
   "dimension": "Advertising",
   "statement": "Conde Nast assumed its magazine advertising would transfer to Reddit; it did not, and Reddit did not break even and could not raise outside capital.",
   "event_date": null,
   "date_precision": "unknown",
   "evidence_kind": "participant_account",
   "sources": [
    "RD3"
   ]
  }
 ]
}