Reddit Stands By Controversial API Changes As Subreddit Protest Continues
Changes to Reddit’s API—which includes new fees for third-party app developers—have been met with pushback from thousands of subreddits, many of which are undergoing blackouts that will last until Wednesday.
Even if we can’t see it immediately, I'm sure potential investors are watching this all unfold very closely. Both from what the communities can do, very quickly, to damage the “product” they are looking to buy, and the corporate response to the situation. That AMA was a colossally bad idea, and continuing to double down, in the media, isn’t going to be instilling any confidence in the money people.
No worries, Reddit -- I'm fine with where I'm at atm too :)
It's funny because with their over 40% valuation drop from the change they would have been better off just buying out the third party apps. Most of those apps were made with super slim teams. A couple mil and they would have sold. The API cost increase could have stood, people on 3rd party apps would have been brought into the fold and not counted towards it, and they would have then just slowly tweeked the apps towards the same user experience over time. It would have been the ultimate win for reddit and would have avoided this entire situation. Instead they decided to burn it all down.
The valuation drop by Fidelity took place over time, mostly last year, so it's unrelated to the API changes. That said, I agree the admins have chosen very poorly. With the amount of money on the table, buying out 3rd party apps would have been a steal compared to the massive hit to goodwill among their users and mods they're taking now.
Let's hope the upcoming IPO will be a massive flop!
The beatings shall continue until morale improves - u/spez
Lets hope the mega subreddits stay dark until the changes happen. I would love to see this community grow!
Yes, spez is counting on us coming back after the 48 hours. We need communities to extend the blackout indefinitely to have any real effect.
Reddark is extremely interesting to watch today
we are now over 8000 subs private!