💬 Reddit's Search Audition

Reddit's new search tool for "finding answers from real people."

December 11, 2024

Today’s Insights

🤖 Reddit wants a slice of search
📈 Ad revenue to hit 1 trillion
📱 TikTok ban moves forward
💰 TikTok Shop sales 3X
📰 OpenAI considers advertising

Feature

🤖 Reddit is auditioning to become a search platform

Reddit is introducing Reddit Answers - positioned as the go-to tool for "finding answers from real people." 

This new AI-powered chat interface uses Reddit's conversation threads to respond to users search queries.

Reddit recognized that its value wasn't just as a social network but as a dataset. Earlier this year, they blocked search engines and AI bots from accessing its data (except those willing to pay), laying the groundwork for more direct monetization opportunities.

With existing keyword-based ad targeting, Reddit is well-positioned to quickly add search ads to Reddit Answers if the product test is successful.

Big picture: Decentralization. Companies with unique data sets like Reddit see an opportunity using AI to offer alternative search experiences to Google. But will Reddit Answers, based on conversations between anonymous users, be able to maintain trust?

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Headlines

📈 Global ad revenue to surpass $1 Trillion in 2024

Global advertising revenue is projected to grow 9.5% in 2024. The top five companies—Google, Meta, ByteDance, Amazon, and Alibaba—will claim over half the revenue. Digital will account for 73% of advertising in 2024 and 82% by 2025.

📱 U.S. Appeals Court upholds law that could ban TikTok

The court ruled that national security concerns outweigh the First Amendment claims raised by TikTok. TikTok calls the ban “censorship” and plans a Supreme Court appeal.

💰 TikTok Shop triples U.S. Black Friday sales

TikTok Shop reported over $100M in sales on Black Friday, a 3x increase from last year’s figure. A 165% spike in shoppers and over 30,000 livestreams drove the platform’s biggest sales day since its launch in 2023.

The company also announced an expanded measurement partnership with Nielsen 

📰 OpenAI is exploring advertising products

OpenAI’s CFO said that the startup was considering an ad business model and is planning to be “thoughtful about when and where we implement” ads.

🎉 Perplexity adds 14+ new publishers to its revenue-sharing program

New publishers include The Independent, Los Angeles Times, and AdWeek. Partners will receive ad revenue, API access, analytics tools, and Enterprise Pro subscriptions. This expansion marks its debut in markets like the U.K., Latin America, Japan, and Spain.

🌍 BeReal is expanding its advertising rollout to the UK and EMEA

Following a U.S. launch, more brands can place targeted in-feed ads on the app. Companies including Nike, Netflix, and Pepsi are among the first to use the ad formats.

🚫 Bluesky says it has no plan to introduce ads

CEO, Jay Graber, says the platform prioritizes user satisfaction over ad revenue. “We can't enshittify the network with ads.”

Bluesky also claims it's outperforming X and Threads in driving publisher engagement.

🚫 Australia approves law to ban under-16s from social media

Starting in late 2025, companies must take reasonable measures to block underage users. Violations could result in fines of up to AUD $50 million.

📺 YouTube tests ‘Open Call’ for advertisers to request custom ads from creators

Open Call lets creators review advertisers’ requests and submit content if they are interested. Calls will include creative prompts, brand information, and payment for those selected. This test will run throughout December.

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