Reddit Signs $60M AI Deal Days Ahead of IPO, Monetizing User Content for Business
• Reddit signed a $60 million deal to allow an unnamed AI company to train models on its user content • The deal became known when Reddit shared info with potential investors ahead of its anticipated IPO next month • Reddit previously offered API access for free but implemented a paid premium API system in 2023 • Reddit CEO cited growing interest in Reddit data as reason for restricting free API access • Reddit monetizing user data is good for business but may not sit well with Redditors whose content is being used