Everything You Need to Know About the History of Reddit
By Avi Kishundat
Jun 21, 2018
Reddit is currently one of the biggest social sites for networking on the Internet. Every month it records more than 1 billion page views and is one of the top websites on a global level. Initially developed in 2005 by Steve Huffman and Alexis Ohanian, users are able to provide a link along with a short description and people can then vote for them. Publications get their rankings on the site according to the number of votes they have received.
At the beginning, the developers created fake accounts on the network to get the ball rolling. Users began trickling into the community until a snowball effect came into play and the site saw phenomenal growth. In 2006, just a year later, the site was receiving about 500,000 hits per day.
The Reddit founders were offered a price of approximately $20 million by a company called “Conde Nast” to sell the site in 2006 and they decided to accept the deal. They both became millionaires by creating a site and then flipping it one year later. This is indeed an Internet marketer's dream come true.
Reddit became open source software in 2008 allowing individuals to download the program and copy the code on it. In 2009 an advertising program was put into place and companies could buy ads on the website. With millions of site impressions every month, it simply made sense to start monetizing the site in some way.
Reddit Gold came to life in 2010 giving members with a subscription plan the opportunity to access exclusive features. The cost of the membership is $30 annually to become a gold member.
Today Reddit boasts more than 330 million users from 217 different countries. There are about 14 billion monthly page views on the site and the daily votes average 58 million per day. About 40 million searches are made on Reddit every day and the value of the company is estimated to be approximately $1.8 billion. This site is a major social platform and its future looks as good as gold.