Reddit Becomes the Fifth Popular Social Media Platform of UK; Company Plans to Boost Ad Revenue with Increasing International User Base
The American online discussion social network – Reddit is reported to have overtaken LinkedIn and X in terms of popularity in the United Kingdom. As per what has been revealed, it is now said to be the fifth most popular social media platform used by people of the UK.
In related news, the brand is currently profitable for the first time in its 20-year history and is in the move to increase its ad revenue making use of its growing international user base.
Read more about it below.
Reddit – Now the Fifth Popular Social Media Platform of UK
It is as per the update from Ofcom that the Reddit platform was reported to have been visited by 22.9 million adult users in the month of May 2024 this year in UK, while during the same time, the X platform was only able to invite 22.1 million adult users. When compared with the last year’s data of the same time, it can be understood that the user base of Reddit has significantly improved by 47% and this great leap not only allowed Reddit to overcome X, but also LinkedIn too, becoming the fifth most popular social media platform visited in UK. Speaking more, YouTube currently holds the first place in terms of popularity in the UK with 44 million adult users, after it surpassed Facebook.
Reddit unlike most social media platforms across the world seems to have a loyal and devoted user base, and fellow users are being commonly called ‘Redditors’. Also, as per AccuraCast Managing Director Farhad Divecha, Google’s latest algorithm update also had a good effect on the platform, as well as the changes made with respect to how third party apps accessed its content. All these might have contributed to the platform’s sudden growth.
Reddit – Targets Ad Revenue Boost from International Markets
According to latest updates, Reddit is now profitable with nearly 100 million daily active users and 68% YoY revenue growth of USD 348.4 million (ad revenue – 315.1 million), attaining a profit of USD 29.9 million for the first time. About 50% percent of the American company’s users is outside of the US, however, only 17% ad revenue is being contributed to the company through these international users.
Similar to what happened with the UK, the company wants to expand its user base in other countries as well, and it considers India and Brazil to be two of the key markets, among many others. 20 to 30 language support with AI translations and new search tools have been introduced to drive more traffic to the platform. Also, with the attainment of 10% of a country’s internet population, the brand aims to set up local advertising teams to generate more ad revenue.
With more international users and increased ad revenue generation, the company believes that it still possesses an immense growth potential. As the brand has acquired the targeted user base in UK, the next steps may soon be taken by the company.
