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Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

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Reddit, the discussion board site noted for its constantly online user base and for sparking much internet debate, filed for its long-awaited initial public offering on Thursday.

This would make Reddit the first social media business to go public since Snapchat in 2017. The offering will include a twist that may allow some of the most ardent of its more than 70 million daily users to purchase shares in the IPO — something generally reserved for institutional investors.

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Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

The company  claimed that top users can buy shares based on their “karma,” a term the network uses to describe its users’ contributions and reputation on the website.

“Our users feel a strong feeling of ownership over the communities they form on Reddit. We want this sense of ownership to translate into real ownership — for our users to be our owners’, co-founder and CEO Steve Huffman wrote in a Thursday filing letter. “Becoming a public company makes this possible.”

The company’s registration comes amid a dip in the overall IPO market, with Wall Street hoping that a blockbuster offering will help revitalise dealmaking.

According to a Securities and Exchange Commission filing, the San Francisco-based company plans to list on the New York Stock Exchange under the “RDDT.” The filing comes nearly three years after Reddit recruited its first CFO, and officials, including co-founder and CEO Steve Huffman, began publicly discussing the potential of an IPO to raise the company’s visibility.

Reddit, which has not been profitable, plans to expand its revenue through advertising, offering more e-commerce options, and licensing its data to other companies to train their artificial intelligence models.

“Our work to make Reddit faster, easier to use, easier to moderate and govern, and simpler to navigate and find relevant communities is driving growth today and will continue to be our focus into the future,” Ms. Huffman said.

The company was sold to media giant Condé Nast in 2006 by its co-founders Alexis Ohanian, who left the company in 2020, and Huffman, who now owns 3.3%. According to the IPO filing, the company’s top shareholders are currently Advance Publications (30.1%), which owns Condé Nast, Tencent (11%) from China, and OpenAI CEO Sam Altman (8.7%).

History of the ‘Front Page of the Internet’
The company, dubbed the “front page of the internet,” is a social media veteran; the firm was founded in 2005, the year college buddies Huffman and Ohanian graduated from the University of Virginia. It was the same year that Facebook became Facebook, YouTube released its first video, and Twitter (now known as X) launched.

Reddit’s 18-year history as an online social hub has witnessed tremendous growth, occasional controversy, and sometimes market-shifting pranks.

The network is well-known for its “subreddits,” which are distinct, user-generated discussion boards where users establish communities around various topics ranging from sports to politics to religion and everything in between. the company  users frequently post anonymously in these areas, debating topics ranging from memes to big news events.

reddit

Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

In 2021, Reddit created widespread market disruption when a community of day traders on the WallStreetBets platform began buying up GameStop shares in an attempt to harm hedge funds that bet against it. Many Redditors who joined the craze late suffered big losses.

Still, the episode highlighted the power of the company communities. Following the WallStreetBets incident, Reddit announced a fresh $250 million investment round, valuing the firm at $6 billion. It also declared plans to grow its workforce and enter overseas markets.

A significant user outcry earlier this year over a proposal to charge some third-party apps millions of dollars in fees to continue using the network brought the company back into the public eye. As a result, hundreds of the platform’s most popular subreddits were offline for weeks. The protest ended after Reddit threatened to expel forum moderators if the blackout continued.

Thursday’s filing provides the most extensive look yet at Reddit’s business, which aims to expand beyond the traditional ad-supported model on which other social networks still rely heavily.

The company  says it had more than 73 million daily active users in the latter three months of 2023, up from 52 million in 2021. In its filing, the company stated that the platform would have over 100,000 active communities by December 2023.

The company’s revenues in 2023 were $804 million, up 21% from $666.7 million in 2022. Reddit recorded a net loss of $90.8 million in 2023, less than the $158.6 million loss it experienced in 2022.

reddit

Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

While the company estimates its total addressable market in advertising to reach $1.4 trillion by 2027, it also stated in the filing’s risk factors statement that it has “a history of net losses and we may not be able to achieve or maintain profitability in the future.”

The company  also announced intentions to increase revenue by selling data to AI startups and focusing on the “user economy.” The filing outlines a future goal to enhance e-commerce on the site and increase user incomes through the Reddit Contributor Programme and Reddit Collectible Avatars Creators Programme. According to the filing, these systems allow users to earn monetary gifts and prizes, from which the corporation may receive a share.

On Thursday, the company also announced an expanded cooperation with Google, which includes access to Reddit data to train Google’s AI models and improve the display of Reddit content across Google platforms.

SOURCE – (CNN)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Dickey Betts, Co-Founder Of The Allman Brothers Band, Dead At 80

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Dickey Betts, a guitarist and co-founder of the Allman Brothers Band, has died, according to a family statement released to CNN on Thursday by his longtime manager.

Betts was eighty.

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CNN – VOR News Image

Dickey Betts, Co-Founder Of The Allman Brothers Band, Dead At 80

“It is with profound sadness and heavy hearts that the Betts family announces the peaceful passing of Forrest Richard ‘Dickey’ Betts,” according to the statement. “The well-known performer, songwriter, bandleader, and family patriarch passed away this morning at his home in Osprey, Florida, with his family by his side. Dickey was larger than life, and his absence will be felt around the world. During this terrible time, the family requests prayers and respect for their privacy in the coming days. More information will be provided at the proper time.”

Betts’ manager, David Spero, told Rolling Stone that the guitarist had cancer and chronic obstructive lung disease.

Betts, who was born in West Palm Beach, Florida, grew up listening to bluegrass, country music, and, subsequently, rock & roll. Betts, bass guitarist Berry Oakley, drummers Butch Trucks and Jaimoe, and brothers Gregg and Duane Allman formed the Allman Brothers Band in 1969, and are credited with helping create the sound and genre of Southern rock in the 1960s and 1970s.

Betts composed and sung the band’s biggest song, “Ramblin’ Man.” Initially, he created the song with the intention of having another artist sing it.

“I was going to send ‘Ramblin’ Man’ to Johnny Cash,” Betts stated in 2020, later adding that he “thought it was a great song for him.”

“But everyone liked the song. Even my father enjoyed the song before we recorded it or anything. And I’m thinking I’ll email this to Johnny Cash and see if he wants to perform it,” he added. “The producer (Johnny Sandlin) mentioned that we needed another song for the record and asked if I had any. I explained, ‘Well, I got one, but I was going to send it to Nashville for Cash to record.’ He said, ‘Let’s hear it. And then, ‘No! We gotta do it.'”

Betts also wrote the popular Allman Brothers songs “Blue Sky” and “Jessica.”

Duane Allman died in a motorcycle accident in 1971, and Oakley died in a motorcycle crash the following year. Betts and Gregg Allman became the band’s leaders, but creative disputes and substance misuse prompted the group to split up and reform several times.

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Dickey Betts, Co-Founder Of The Allman Brothers Band, Dead At 80

Cameron Crowe, then 16, followed the Allman Brothers Band on tour in 1973 for a Rolling Stone cover story that would later serve as the basis for Crowe’s Oscar-winning 2000 film “Almost Famous.” In 2017, Crowe described Billy Crudup’s key rock star character as “a tribute” to Betts.

In an email to CNN later that day, Crowe referred to Betts as “a guitarist for the ages, the musical glue that held together The Allman Brothers Band for many years.”

“Dickey’s quiet warmth, and his timeless contribution to American music was a big inspiration for our film,” said the writer-director.

Betts quit the Allman Brothers Band in a widely publicized separation in 2000. While the band continued to tour for nearly 15 years and issued one more studio album, Betts performed with his Great Southern ensemble, which included his son Duane, and released another studio album of new songs. Betts retired in 2014.

Also on Friday, the Allman Brothers Band issued an official statement, stating that Betts’ “extraordinary guitar playing alongside guitarist Duane Allman created a unique dual guitar signature sound that became the signature sound of the genre known as Southern Rock.”

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Rolling stone – VOR News Image

Dickey Betts, Co-Founder Of The Allman Brothers Band, Dead At 80

“He was passionate in life, be it music, songwriting, fishing, hunting, boating, golf, karate or boxing,” the statement went on to say. “Dickey was all in on and excelled at anything that caught his attention.”

When asked what he enjoyed most about music, Betts told the Sarasota Herald Tribune in 2020 that it was the impact it had on his listeners.

“I like the crowds mainly, and what the music did for them,” he went on to say. “They enjoyed the music more than I did. I just love how the crowd can drift off into another universe during a concert.”

SOURCE – (CNN)

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Taylor Swift Drops 15 New Songs On Double Album, ‘The Tortured Poets Department: The Anthology’

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NEW YORK — Could there be a Taylor Swift new album release without any added surprises?

No.

On Friday, the pop star released her 11th album, “The Tortured Poets Department,” which is an amalgamation of her previous work and reflects the artist who, at the height of her powers, has spent the last few years re-recording her life’s work and touring it, filtered through synth-pop anthems, breakup ballads, provocative and matured considerations.

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People – VOR News Image

Taylor Swift Drops 15 New Songs On Double Album, ‘The Tortured Poets Department: The Anthology’

But it was midnight. At 2 a.m. Eastern, she released “The Tortured Poets Department: The Anthology,” which included 15 new songs.

“I’d written so much tortured poetry in the past 2 years and wanted to share it all with you, so here’s the second installment,” Swift wrote in an Instagram caption. “And now the story isn’t mine anymore… it’s all yours.”

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Britannica – VOR News Image

Taylor Swift Drops 15 New Songs On Double Album, ‘The Tortured Poets Department: The Anthology’

The songs are a natural continuation of the first half of the album, with many returning to her “evermore” and “folklore” style, aided by her partner Aaron Dessner.

Swift has surprised her fans before, and she has surely done so with a surprise album release. A few months after “folklore” was released in 2020, she revealed that “evermore” will be available at midnight on the same day. Speaking of midnight, she released a “3am” edition of “Midnights” with seven new tracks in 2022, just a few hours after the original release.

Taylor Swift’s album “The Tortured Poets Department” is now available.

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Taylor Swift Drops 15 New Songs On Double Album, ‘The Tortured Poets Department: The Anthology’

Music Writer Maria Sherman describes it as “an amalgamation of an artist who has spent the last few years re-recording her life’s work and touring its material, filtered through synth-pop anthems, breakup ballads, provocative and matured subject matter.”

Swift revealed a surprise two hours after the album’s release: 15 more tracks.

Swift’s first original album since her record-breaking Eras Tour debuted last year.

SOURCE – (AP)

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AI Model Aitana Lopez “Racks Up” Over 300K Instagram Followers

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AI model Aitana Lopez
AI :odel Aitana: The Clueless Agency

Artificial intelligence (AI) is nearly ubiquitous, occupying video and audio environments. In recent years, the K-pop music industry has used deep-fake technology to create groups that resemble actual individuals. Now meet Aitana, Spain’s first AI model.

Eternity and Mave, virtual female groups developed using artificial intelligence, have blurred the barriers between entertainment and technology. Whether we like it or not, these accelerating and frightening shifts are here to stay.

AI has recently made influencers one of its goals. Aitana Lopez, a 25-year-old AI-powered influencer from Spain, is a pioneer in the field. Switching lanes to her Instagram, @fit_aitana will strike you with eerie realism, as her “virtual soul” has deliberately developed a personality that is exceptionally lifelike and resembles the presence of a real-life model.

Her Instagram account already has over 300,000 followers.

Aitana, created by Ruben Cruz, the creator of AI modeling business The Clueless, is a an AI model.

According to Euronews, Cruz’s breakthrough idea was fueled by the agency’s struggle to form genuine business relationships with real-life influencers. “Many projects were put on hold due to problems beyond our control,” the Clueless creator stated.

The Clueless describes Aitana, who is 25 years old, as a “strong and determined woman, independent in her actions and generous in her willingness to help others”. The AI model is also described as a Scorpio with a passion for video games and a commitment to fitness. Her vibrantly crafted design highlights Aitana as a standout with a multifaceted personality.

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Designers working on Aitana’s images at the agency.The Clueless Agency

The Clueless Agency describes the AI influencer with eye-catching pink hair as an outgoing persona with “complicated humour and self-centeredness.”

The AI-powered “gamer at heart and fitness lover” was born on December 11, 1998. Her Instagram photos depict a digitally produced universe that reinforces the notion that she is engaging in real-world activities.

Following her trendsetting debut, the AI agency unveiled her other virtual companion, The Clueless’ second AI model, Maia Lima.

Similar to the controversy and criticism surrounding K-pop’s experimental experimentation, the rise of AI influencers has pushed unrealistic beauty standards.

While it is possible to focus on current technological advancements, this side of the virtual story is not without concerns for the future.

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