Social media site Reddit and Google have reached an agreement for Reddit's material to be used as training data for the search engine giant's artificial intelligence models, according to reports quoting source information..
One of the sources claims that the agreement with Alphabet-owned Google is valued at approximately $60 million annually.
The agreement demonstrates Reddit's efforts to create fresh revenue in the face of intense competition from competitors like Facebook and TikTok for advertising dollars, as it gets ready to go into the public stock market.
There were no comments available from Reddit and Google on the issue.
Reddit's content acquisition was previously revealed by Bloomberg, but the buyer was not disclosed.
Reddit said last year that it will start charging businesses for access to its application programming interface (API), which is how it distributes its content. Its first known arrangement with a significant AI business is the one with Google.
Based in San Francisco Reddit, which has been considering a stock float for more than three years, is getting ready to file for an IPO this week. In this filing, it will provide potential investors with its financial information for the first time.
According to two of the individuals, the file might be accessible as early as this Thursday.
According to earlier reports from Reuters, the company, which was valued at over $10 billion in a capital round in 2021, is looking to sell roughly 10% of its shares in the offering.
With Reddit's IPO, a significant social media firm would have gone public for the first time since Pinterest listed its stock in 2019.
In an effort to broaden their training material beyond extensive internet scrapes, artificial intelligence model creators have been busy closing deals with content owners in recent months. Since many content providers have claimed that their work was taken without authorization, there are a lot of possible copyright issues with that approach.
Reddit is well-known for its numerous specialised discussion groups, some of which have tens of millions of users. It was founded in 2005 by web developer Steve Huffman and entrepreneur Alexis Ohanian.
(Source:www.theverge.com)
One of the sources claims that the agreement with Alphabet-owned Google is valued at approximately $60 million annually.
The agreement demonstrates Reddit's efforts to create fresh revenue in the face of intense competition from competitors like Facebook and TikTok for advertising dollars, as it gets ready to go into the public stock market.
There were no comments available from Reddit and Google on the issue.
Reddit's content acquisition was previously revealed by Bloomberg, but the buyer was not disclosed.
Reddit said last year that it will start charging businesses for access to its application programming interface (API), which is how it distributes its content. Its first known arrangement with a significant AI business is the one with Google.
Based in San Francisco Reddit, which has been considering a stock float for more than three years, is getting ready to file for an IPO this week. In this filing, it will provide potential investors with its financial information for the first time.
According to two of the individuals, the file might be accessible as early as this Thursday.
According to earlier reports from Reuters, the company, which was valued at over $10 billion in a capital round in 2021, is looking to sell roughly 10% of its shares in the offering.
With Reddit's IPO, a significant social media firm would have gone public for the first time since Pinterest listed its stock in 2019.
In an effort to broaden their training material beyond extensive internet scrapes, artificial intelligence model creators have been busy closing deals with content owners in recent months. Since many content providers have claimed that their work was taken without authorization, there are a lot of possible copyright issues with that approach.
Reddit is well-known for its numerous specialised discussion groups, some of which have tens of millions of users. It was founded in 2005 by web developer Steve Huffman and entrepreneur Alexis Ohanian.
(Source:www.theverge.com)
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