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Reddit ISO Profits
January 7, 2014 by admin
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Social news hub Reddit enjoyed a major get when it interviewed Barack Obama last year. The big get for 2013 was reaching 90 million unique visitors a month, according to the company, on par with the likes of eBay. This season, even Microsoft co-founder and philanthropist Bill Gates joined its Secret Santa gift exchange.
Now, the self-dubbed “Front Page of the Internet” is going for a milestone it has been trying to reach since its founding in 2005: profitability.
After years of experimenting with paid subscriptions and display advertising, Reddit, with just 28 employees, has begun pouring resources into building an electronic bazaar.
Company executives say they increasingly believe such a venue is the answer to their long search for reliable revenue, complicated in part by their fans’ mistrust of advertising.
If Reddit Gifts, as the burgeoning bazaar is known, brings sustainable profitability, it would mark a turning point for an outfit that has exerted an outsized and sometimes controversial influence on Internet culture yet languished financially.
Reddit estimates over 250,000 items have been purchased over the holiday, mostly as part of the 50 or so mostly geek-oriented Secret Santa gift exchanges – where zombie- or fantasy-themed presents, say, change hands – that users have created.
Although Reddit won’t disclose details about how much money it has made from Reddit Gifts or its overall financial performance, it takes a 15 to 20 percent cut of every purchase.
Usually priced between $10 and $25, the goods reflect Reddit’s young and geeky user base, from collages of cats in steampunk apparel to coffee mugs branded by Imgur.com, a repository of funny Web pictures, to an entire category dedicated to bacon-related products. More than 250 merchants supply gifts curated and “up-voted” by the community, much as articles and links are elevated on the Reddit site itself.
The gift exchange made headlines this month after Gates signed up and surprised a Reddit user by sending her a travel book and a stuffed cow, symbol of the charity he donated to in her name.
The company, which is hoping to position itself as a bona fide shopping destination year-round, estimates that only 14 percent of its marketplace revenue comes from the Christmas-season gift exchange programs.
Yet those sales alone could put Reddit firmly in the black, said Dan McComas, the head of Reddit Gifts. He added that the company may choose to reinvest funds in e-commerce customer service and infrastructure.
Chief Executive Yishan Wong, a former Facebook executive, said Reddit was “kind of” breaking even and denied that pressure was mounting on his team to turn a profit.
Japan Goes After Online Piracy
Japan will enforce anti-’piracy’ laws that criminalize illegally downloading media files.
The penalties see downloaders running the risk of a two year stay in prison and a fine of up to about $25K, according to a BBC report.
The BBC reports that the enforcement proposal follows a lobbying campaign by the Japanese music
industry, adding that the penalties could apply even if someone has downloaded only a single file. The laws were passed two years ago, but so far have not been implemented.
Local rightsholders will be hoping that from now on the criminal penalties will be enforced, and in spades. They are the kind of sanctions that rightsholders dream of and are much stricter than the three-strikes policy in the US.
Anyone caught uploading is also treated more sternly, and could be jailed for as long as ten years.
Japan has a large market for media material, and its government apparently is bowing to protect the interests of rightsholders.
This past Summer the Japanese government ratified the draconian Anti-Counterfeiting Trade Agreement (ACTA), despite it being rejected elsewhere.
IDL Goes Live
June 5, 2012 by admin
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The Internet has a cluster of superheroes ready to defend it, the Internet Defence League (IDL).
The IDL was set up by protest group Fight for the Future following the recent outbreak of web site blackouts that were launched to protest against legislation like SOPA and PIPA. It offers web sites a way to show that they are always ready to defend the internet against attack.
“The Internet Defense League takes the tactic that killed SOPA and PIPA and turns it into a permanent force for defending the internet, and making it better,” it says on its homepage. “Think of it like the internet’s Emergency Broadcast System, or its bat signal!”
Like those earlier protests, the idea is to get the more informed people, people that are actually operating internet properties, into the debate.
“Internet freedom and individual power are changing the course of history. But entrenched institutions and monopolies want this to stop,” explains the group. “Elected leaders often don’t understand the internet, so they’re easily confused or corrupted.”
Anyone that runs a web site is invited to join, and the idea is to get millions of people involved. Once they have joined the IDL they will be given software code to add to their web sites to show that they are members.
GoDaddy To Drop SOPA Support
Giant domain name registrar GoDaddy.com has yanked its support from the controversial Stop Online Piracy Act after owners of several websites stated they would take their business elsewhere.
Negative feedback about SOPA from a number of customers forced GoDaddy to take a second look at the legislation, said Warren Adelman, Go Daddy’s newly appointed CEO. Go Daddy has concerns about the free speech and Internet security implications of the legislation, but until now, has worked with lawmakers to address those issues, he said.
“It’s clear to us the bill’s not ready in its current form,” Adelman said Friday. “Looking at this over the last 20 hours, we’re not seeing consensus in the Internet community, we’re hearing the feedback from our customers.”
On Thursday, Reddit user selfprodigy said he was pulling 51 domain names from GoDaddy because of the registrar’s support of SOPA. The same day, Ben Huh, CEO of the Cheezburger family of humor websites said said his company would move its 1,000-plus domains off Go Daddy unless it dropped its support for the bill, known as SOPA.
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