Reddit, known as the "American PTT" and one of the top five traffic ranking websites in the United States, issued astatementIt said it will apply for listing and expects to raise US$7 million in external funds.
Reddit was rumored to be preparing for an IPO in September this year, and its market valuation had increased to US$9 billion in August this year. It hopes to raise more development funds through the IPO.
Reddit was first established in San Francisco in late June 2005. Users can apply for free registration and it operates in a similar way to a BBS, allowing users to post content through text or links. At the same time, other users can respond to and vote on the content of the post, and the popularity of the post determines the ranking of the post on the homepage or in subcategories.
Currently, content on Reddit is categorized as "subreddits," covering news, video games, movies, music, books, fitness, food, and photo sharing. Reddit's advertising revenue exceeded $1 million in the second quarter of this year, nearly doubling its growth compared to the same period last year. The company plans to increase the proportion of advertising revenue through video content.
