Chapter 1: What is the main topic discussed in this episode?
Hello, I'm Joel Weber. And I'm Eric Balchunas. We're the hosts of the Trillions podcast from Bloomberg, a deep dive into all things ETFs and investing. Eric, what's so amazing about ETFs? It's never a dull moment.
They track everything under the sun, four new ETFs launch a day, and they take in $4 billion every day. So it's where all the money's flowing to and a lot of the innovation is happening. I call it the Silicon Valley of the investing world.
As you can hear, Eric's passionate about them. My role is to try and keep him in check and make all of this a little bit more understandable for the rest of us. Not always easy, but always worth a listen.
So listen to Trillions on Apple, Spotify, or wherever else you get your podcasts. Podcasts, radio, news. Delivering a better than expected forecast was Reddit. Social media platform has benefited from data licensing deals, of course, with OpenAI and Google. But it's really about growing advertising business that drives it this time. We spoke with Reddit COO, Jen Wong.
I think a lot of the things that we're doing are working. You saw our active advertiser account grow 75% year over year in Q3. And I think that's the result of our go-to-market and acquisition investments, as well as making our platform more automated and simple to use, as well as really delivering more performance, particularly at the mid and lower funnel, where a lot of mid-market and
SMB businesses like to transact. We also grew nine out of 15 verticals over 50% year over year. And I think that shows the diversification of our business, how robust it is across every vertical and every objective. So every advertiser can find success on our platform. So those investments that we've made are really paying off.
And the investments in translation really paying off when you think about diversification internationally. How is that still working? How much low hanging fruit is there to grow outside the United States?
Well, I think there's enormous headroom outside of the U.S. Our traffic today is about 55% outside of the U.S. and 45% in the U.S. And the rest of the world has been growing. And every country that is a non-English country is just an opportunity to build another Reddit. And the process of doing that starts with machine translation.
using AI to translate universal conversations so that somebody in France or Germany who operates in a non-English language can have access to great content and communities on Reddit. And then the process of building local communities so that if you're in France, you have a local bread community. In Germany, your local football communities so that it feels local, your city communities.
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Chapter 2: What are Reddit's recent earnings and growth strategies?
It's a business model that has a lot of TAM and is a big addressable market. I think we have a lot of headroom there. Our ad platform is great.
growing our marketplace is growing as i said 60 plus year over year and we really like our roadmap there there are thousands more advertisers that can be on our platform in addition to more verticals and more geographies to come onto our ad platform so we see a lot of opportunity there across the funnel in automation in ad formats and even in delivering more performance for for our advertisers so
That's our core business and that's where we're focused.
What about the AI chatbots and them actually helping you in terms of driving traffic? When does that really start to bring to bear?
Chapter 3: How has Reddit benefited from advertising deals?
You know, that's a space that is just under incredible heavy construction because it's also new and it's changing. The UI is changing, the products are changing, you know, how we think about, you know, the use of AI even on our platform. on Reddit is changing. So, you know, it's hard to say, I think.
But I think, you know, I would say the relationships that we have with the LLMs and our partnerships, the relationships are really healthy. And we continue to learn a lot through these partnerships. I think, you know, we've certainly learned that our data is highly appreciated. It's highly used and cited. I think we're the topmost source domain in Q3.
So I think, you know, we're watching that area very, very closely as it evolves. Jen Wong, Reddit COO there, talking of relationships with LLMs.
Want to know how Russian pranksters tricked a top government official? Or how the only copy of a Wu-Tang Clan album got auctioned for millions of dollars by the Department of Justice? The answers are out there. The trick is getting the government to share them. I'm investigative journalist Jason Leopold. I spend most of my days getting documents from the government.
I'm attorney Matt Tabak, and I fight them in court to open their files when they don't want to. From Bloomberg and No Smiling, this is Disclosure, a podcast about prying loose government secrets. To listen early and add free on Apple Podcasts, subscribe now at Bloomberg.com backslash podcast offer.
I'm Barry Ritholtz, inviting you to join me for the Masters in Business podcast. Every week, we bring you fascinating conversations with the people who shape markets, investing, and business. CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market, whether you own stocks, bonds, real estate, commodities, crypto,
You really need to hear these conversations. Sometimes it's behaviorists like Dick Thaler or Bob Schiller. Sometimes it's fund managers like Peter Lynch, Bill Miller, Ray Dalio. Sometimes it's authors, Michael Lewis, author of The Big Short and Moneyball. Regardless of the conversation, these are the folks that move markets each week.
That's the Masters in Business podcast with me, Barry Ritholtz. Listen on Apple, Spotify, or wherever you get your podcasts.
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