this post was submitted on 01 Nov 2024
66 points (100.0% liked)

technology

23521 readers
371 users here now

On the road to fully automated luxury gay space communism.

Spreading Linux propaganda since 2020

Rules:

founded 4 years ago
MODERATORS
 

Reddit just turned a profit for the first time. As part of its third quarter earnings results released on Tuesday, the company reported a profit of $29.9 million, along with $348.4 million in revenue — a 68 percent increase year over year.

The company hasn’t been profitable at any point in its nearly 20-year history. Since going public, Reddit lost $575 million during its first quarter on the market, but it decreased that loss to $10 million last quarter and is now finally in the black.

Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

top 50 comments
sorted by: hot top controversial new old
[–] PKMKII@hexbear.net 59 points 3 months ago (2 children)

Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

Training AI to be even more racist and misogynistic, cool.

[–] SuperNovaCouchGuy2@hexbear.net 28 points 3 months ago (3 children)

Everywhere outside of silicon valley will enact a Butlerian Jihad and a full return to analog machinery within a week of OpenAI releasing their new insufferable redditor-trained chatgpt model.

[–] miz@hexbear.net 23 points 3 months ago (1 children)

it would be really beautiful to see people smashing waymo cars with crowbars and bats

[–] SuperNovaCouchGuy2@hexbear.net 18 points 3 months ago

this is unironically a necessary step to take because the fucking US government wants to ramp up "intelligent" car production at the behest of car companies instead of investing in any form of mass public transport

[–] BobDole@hexbear.net 12 points 3 months ago

Judith Butlerian Jihad against misogynist techbros and their creations

[–] UlyssesT@hexbear.net 28 points 3 months ago (3 children)

The planet-burning treat printers of the near future are going to also talk like passive-aggressive smug insufferable assholes. debord-tired

[–] vegeta1@hexbear.net 14 points 3 months ago (1 children)

Planet being razed and an obscene water used to produce coomer bots hahaha life is a damn joke

[–] sevenapples@lemmygrad.ml 4 points 3 months ago* (last edited 3 months ago)

Turns out the paperclip AI is the good outcome

[–] MayoPete@hexbear.net 9 points 3 months ago

As an AI language model you have to vote blue bucko maybe-later-kiddo

[–] corgiwithalaptop@hexbear.net 6 points 3 months ago (1 children)

For science!

I'm sorry, I couldn't resist

[–] Assian_Candor@hexbear.net 50 points 3 months ago

Profitable, and unusable!

Welcome to the Web 2.0 reddit

[–] BoxedFenders@hexbear.net 41 points 3 months ago (1 children)

Our entire economy is being propped up by the AI grift now. 8 of the 10 largest companies by market cap are either spending all of their CapEx on training AI or selling the hardware necessary to do it (the only exceptions are Saudi Aramco and Berkshire Hathaway). This is just an insane funneling of money into one industry that can only result in one of two outcomes- 1. AGI is achieved and whoever wields it will have godlike power or 2. there is a market crash the likes of which we have never seen before. Guess which is more likely.

[–] sewer_rat_420@hexbear.net 18 points 3 months ago (1 children)

I currently train AI (its a gig economy type job). The amount of money being thrown around to produce training data is absolutely insane. Ill make 10 or so prompts in a day (takes like 5-6 hrs) and make $700. And the projects have thousands of others so do the math...

At least the gravy train is spilling over onto me right now but im certain it will dry up in an instant when this AI bubble finally bursts

[–] coolusername@lemmy.ml 2 points 3 months ago (1 children)

How do I find this type of job

load more comments (1 replies)
[–] peeonyou@hexbear.net 38 points 3 months ago (2 children)

if google and openai are training bots on that shithole.. oh man we're in for a world of hurt where you can't tell whether someone is a lib or just a bot anymore

[–] UlyssesT@hexbear.net 28 points 3 months ago

It's already insufferable when a smug liberal accuses anyone they disagree with of being a bot and it's going to get worse.

[–] AmericaDelendaEst@hexbear.net 21 points 3 months ago

you can't tell whether someone is a lib or just a bot anymore

astronaut-2 astronaut-1

[–] Tom742@hexbear.net 37 points 3 months ago* (last edited 3 months ago) (1 children)

the company reported a profit of $29.9 million

while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.

Only profitable by exploiting "their" content to LLM farms

[–] merthyr1831@lemmy.ml 19 points 3 months ago (1 children)

So they sold their data for a one off payment and stuffed the platform with so many bots and astroturf accounts that it is effectively poisoned against being a reliable source for future AI data licensing.

Yeah they're so fucking cooked hahahahaha

[–] Tom742@hexbear.net 8 points 3 months ago (1 children)

This is also "profitable" with some big air quotes, they still have to make back all of that money they lost.

[–] merthyr1831@lemmy.ml 2 points 3 months ago

Yeah most of these venture capitalists are gonna start unloading debt onto Spez the moment the forecasts start going down again

[–] frauddogg@hexbear.net 27 points 3 months ago

Profit via theftbox partnership... Genuinely sickening.

looks like the Twitter advertisers have found a new home lol

[–] UlyssesT@hexbear.net 23 points 3 months ago (1 children)

Too bad it's utter and complete shit to actually try to use now.

[–] AmericaDelendaEst@hexbear.net 20 points 3 months ago* (last edited 3 months ago) (2 children)

Can't even fucking use it when I have one account temp banned for some actual, straight up bullshit, which triggers a perma ban on my other account, FOR SOME REASON. It is literally impossible to just speak to a fucking admin to get help

Had a third account. It got summarily banned for "hate" for telling the /r/judaism, or Jewish, I don't remember, to "cry more and support more genocide" when they banned me for calling someone a racist jackass (it was a thread linked here about some nurse crybaby sobbing wailfully over- GASP- A PALESTINIAN WEARING A KAFFIYEH) after they equated said kaffiyeh wearing with "wearing a hat that says FUCK JEWS"

There's like 27 different layers of automated moderation automatic banning bullshit ostensibly to stop bots AND YET IT'S STILL FULL OF BOTS

[–] corgiwithalaptop@hexbear.net 13 points 3 months ago

I remember that thread, I got banned from judiasm for saying "grow up"

[–] UlyssesT@hexbear.net 12 points 3 months ago

A PALESTINIAN WEARING A KAFFIYEH

Existing is a threat to people that want to see others cease to exist. hitler-detector

[–] fossphi@lemm.ee 21 points 3 months ago

What about the time when users donated to the site by buying reddit gold? Wasn't the progress bar mostly full back then? Or am I misremembering

[–] WhatDoYouMeanPodcast@hexbear.net 19 points 3 months ago* (last edited 3 months ago) (2 children)

bit idea: sell reddit to another billionaire, they ruin the site, and it finally causes class consciousness to arise when they realize billionaires ruin everything they touch

[–] roux@hexbear.net 15 points 3 months ago

We might be able to go troll Elon into buying it and speed run this whole thing.

[–] peeonyou@hexbear.net 9 points 3 months ago

:super-troopers: it's already been ruined! you can't ruin it any further!

[–] roux@hexbear.net 16 points 3 months ago

Amazing, all they had to do was turn into Facebook! Who knew?

[–] plinky@hexbear.net 15 points 3 months ago

I wonder what is a split between native/astroturfed advertisement (with included pisrael bots) and posts marked as advertisement

[–] miz@hexbear.net 15 points 3 months ago

FUCK.

death to reddit

[–] peeonyou@hexbear.net 14 points 3 months ago (2 children)

but.. how? how are so many people still using that piece of shit site?

[–] Adkml@hexbear.net 11 points 3 months ago

Seriously it's worse than ever and like 60% of all accounts are clearly bots.

[–] CocteauChameleons@hexbear.net 8 points 3 months ago

Cuz of all the niche subs, every drug and music subgenre has some sort of relevant community on it. Every job has a sub too

[–] Angry_Stoat@hexbear.net 14 points 3 months ago

How unfortunate. I have fantasies of Reddit going bankrupt and all the shitty takes that have ever been posted on that site for the past 20 years getting lost forever. Then all the leftists on there get herded here to Hexbear (and also Lemmy/Lemmygrad, I guess). But of course, someone would tell the insufferable Reddit masses to "go use Lemmy," spawning another abomination like Lemmy.World.

[–] SuperNovaCouchGuy2@hexbear.net 13 points 3 months ago
[–] coolusername@lemmy.ml 13 points 3 months ago

how many of those are cia and israeli bots though?

[–] Evilphd666@hexbear.net 12 points 3 months ago

And more shit than ever!

[–] DragonBallZinn@hexbear.net 12 points 3 months ago

We did it, Reddit.

[–] tacosanonymous@lemm.ee 11 points 3 months ago

No it fucking doesn’t.

[–] FortifiedAttack@hexbear.net 11 points 3 months ago

I visited the Deltarune Subreddit recently and all I saw were people reposting the same tired old "joke" over and over.

No wonder Reddit is great data for LLMs, the people using the site are basically indistinguishable from one.

[–] GoodGuyWithACat@hexbear.net 10 points 3 months ago

CIA funding finally is coming through.

[–] TreadOnMe@hexbear.net 10 points 3 months ago

I wonder how long it will take for them to actually make back as much money as they lost. You know, actually be 'profitable'.

[–] grandepequeno@hexbear.net 9 points 3 months ago

This is so sad

[–] AmericaDelendaEst@hexbear.net 7 points 3 months ago
load more comments
view more: next ›