At the Consumer Electronics Show in Las Vegas, Reddit unveiling New trending tools aimed at businesses and a new ad format for its Ask Me Anything (AMA) question and answer sessions.
The announcements come after a record financial quarter for Reddit. In Q3 2024, social networks Report Over 100 million daily active users for the first time, a 47% increase from the previous year. Reddit grew revenue 68% year-over-year, to $348.4 million — and achieved profitability.
Reddit's free suite of tools for brands, Reddit Pro, is getting Reddit Pro Trends, which lets companies see what Reddit users are discussing about “virtually anything” on Reddit, Reddit explained in a blog post.
Located within a new “Trends” tab in the Reddit Pro menu, businesses can track keywords or phrases like a brand name, product name, category and viral trends to see when, where and how Redditors are chatting about it in real time. For nearly 100,000 “smart” keywords and phrases, businesses can see a visualization of Reddit conversation volume, a list of communities that mention the keyword or phrase, a feed of conversations with the keyword or phrase, and — soon — a list of related keywords.
“Community favorites like Wayfair and NBA are already using Reddit Pro Trends as part of our testing to join the conversation in communities that want to hear from them,” Reddit wrote in its post. “For growing businesses like Naz Security, Van Votz and No Reception Club, these insights help them find and engage with their specific audience on Reddit. In fact, Reddit Pro Trends generated 12% more posts by participating businesses.”
Elsewhere, Reddit is rolling out AMA ads, a new way to share AMAs across Reddit — AMAs are Reddit's question-and-answer format that allows subject-matter experts to answer questions from Reddit users. Businesses can now promote AMA events directly from Reddit's Ad Manager to see the number of RVSPs for a specific event.
Reddit has been laser-focused on growth since its initial public offering last March. Last September, the company Dr Anna AI-powered automatic translation in dozens of new countries, and in November, Reddit said It will invest in international markets such as the UK, India, Brazil and the Philippines.
The US still accounts for 83% of Reddit's total revenue, according to its Q3 results. Reddit COO Jane Wong told CNBC in an A recent interview The company is planning to expand its local advertising to other countries.