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Watch Reddit CEO Huffman on User Strategy, AI and Expansion - Bloomberg

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00:00THE DEBUT EARNINGS. SHARES HIGHER FOR REDDIT. LET'S BRING IN PRESCOTT SCENARIO, STEVE HUFFMAN. YOU'RE DOING WELL. THE AD ENVIRONMENT SEEMS GOOD. BUT I WANT TO START WITH THE NEXT BIG THING AND THAT SEEMS TO BE IN THE USER ECONOMY. THAT SEEMS TO BE YOUR FOCUS. TELL ME ABOUT THE USER STRATEGY. STEVE: THE USER ECONOMY IS THE FAMILY OF PRODUCTS AND FUTURES THAT WE'RE BUILDING TO FACILITATE TRANSACTIONS BETWEEN USERS ON THE PLATFORM. SO, USER TO USER GIFTING, USER TO USER SUBSCRIPTION, THINGS LIKE THAT. WE THINK THERE'S A TON OF POTENTIAL HERE. ONE OF OUR ACCUSATION AT REDDIT IS THE ONLY -- SAYING IS THE ONLY THING THAT SCALES WITH USERS IS USERS. THE AD BUSINESS IS GREAT BUT WE WOULD LOVE TO HAVE ANOTHER BUSINESS MODEL TO SIT ALONGSIDE IT AND THAT'S WHAT THE USER ECONOMY IS. CAROLINE: THE SELLING OF DATA AND LICENSING TO SOME OF THOSE BIG BUSINESSES THAT ARE CREATING LARGE LANGUAGE MODELS BASING ON THE DATA. HOW INFINITE IS THAT REVENUE STREAM? BECAUSE ONCE THE MODELS ARE TRAINED, HOW NECESSARY IS IT TO KEEP ON LICENSING? STEVE: SO THERE'S A COUPLE OF WAYS TO LOOK AT THIS. FIRST, THE POTENTIAL VALUE HERE IS I THINK QUITE LARGE. AND BETWEEN US AND OTHER FOLKS IN THE MARKET, WE'RE ACTUALLY STILL DEVELOPING THAT. WE'RE FINDING INCREASINGLY FOLKS COMING TO REDDIT AND WHO WHAT WE'RE SEEING, BIG PICTURE IS IN THE A.I. ERA WHERE INCREASINGLY CONTENT ONLINE IS WRITTEN BY MACHINES, THERE'S THIS INCREASING PREMIUM ON CONTENT PERSPECTIVES, CONVERSATION THAT COMES FROM REAL HUMANS. AND THAT'S WHAT REDDIT PROVIDES. SO SO FAR, WE'VE DONE ONE MAJOR CONTENT LICENSING DEAL WITH GOOGLE. BUT WE'RE TALKING TO OTHERS AS WELL. BUT YOUR QUESTION IS IS IT A ONE-TIME THING OR ONGOING? I THINK WHAT'S REALLY IMPORTANT HERE IS FOLKS WANT REAL-TIME ACCESS TO UP TO DATE INFORMATION, CONVERSATION PERSPECTIVES. IMAGINE A SEARCH ENGINE THAT STOPPED INDEXING IN 2021. IT WOULDN'T BE VERY HELPFUL. SO I THINK THAT REAL TIME FEED IS REALLY IMPORTANT. ED: STEVE, YOU TOOK THE INTERESTING STEP TO ASK REDDITTERS TO SUBMIT QUESTIONS. AND SOME OF WHICH YOU ANSWERED ON THE CALL. WHAT IS TELL JUSTIFICATION IN WORKING CAPITAL? I WANT TO TAKE THAT QUESTION AND APPLY IT TO A.I. BUT ALSO, IT HELPS US MORE ABOUT MA WHAT ARE YOU GUYS GOING TO DO TO INCREASE THE TECHNOLOGY OFFERING ON A.I. STEVE: OUR FIRST PRIOR IS TO INVEST THE BUSINESS. SO THEY CONTINUE TO DEVELOP THE CORE REDDIT PRODUCT, THE USER ECONOMY WHICH WE DISCUSSED THE COPTER PLATFORM, A.I. EFFORTS, ALL OF THOSE THINGS. OUR SECOND PRIORITY WOULD BE M & A. IT'S GOING TO HELP ADVANCE OUR INITIATIVES. AND POTENTIALLY, TO EXPAND IT AS WELL. CAROLINE: LET'S TALK ABOUT EXPANSION. IN PARTICULARLY INTERNATIONALLY, STEVE. BECAUSE THERE'S MUCH TALK ABOUT HOW YOU'RE BASICALLY TRANSLATING, ABLE TO BRING WHAT IS ALL THE REVIEWS, THE CONTENT, THE DISCUSSION GROUPS, NOT JUST TO THOSE THAT ARE WRITING AND SPEAKING IN THE ENGLISH LANGUAGE BUT IN FRENCH, IN EUROPEAN COUNTRIES. HOW IS THIS LIKELY TO BE ENABLED BY A.I. BUT ADD TO THE SCALE OF INTERNATIONAL GROWTH? STEVE: WELL THIS IS REALLY EXCITING. NOT THAT LONG AGO, WE DIDN'T HAVE THE CAPABILITY OF TRANSLATING OUR CONTENT AT HUMAN QUALITY. BUT WITH TODAY'S LARGE LANGUAGE MODELS, WE CAN DO THAT. SO WE CAN TRANSLATE WHAT IS TODAY OUR MOSTLY ENGLISH CORPUS INTO JUST ABOUT ANY LANGUAGE. SO WE'RE DOING THAT IN FRENCH RIGHT NOW AND TESTING THAT IN FRANCE AND IT'S GOING VERY WELL. AND SO, ALMOST IMMEDIATELY, FRENCH SPEAKERS CAN SEE THE ENTIRE REDDIT CORPUS OR CONSUME THE ENTIRE REDDIT CORPUS IN ENGLISH. AND A LOT OF REDDIT'S CONTENT IS UNIVERSAL. IT'S JUST PEOPLE TALKING ABOUT LIFE. BUT EVEN THE CONTENT THAT IS MAYBE REILLY SPECIFIC TO -- REGIONALLY SPECIFIC TO AMERICA, IT'S STILL VERY INTERESTING TO READ AND VICE VERSA. A LOT OF PEOPLE AROUND THE WORLD IN DIFFERENT COUNTRIES, IN DIFFERENT CULTURES TO COMMUNICATE IN THEIR NATIVE LANGUAGE. ED: ROB BLOOMBERG WAS SPEAKING TO THE REDDIT C.E.O. STEVE HUFFMAN. THINGS ARE GOING WELL RIGHT NOW, IT SEEMS. ONE OF THE TECHNOLOGY CHANGES AT THE START OF THIS YEAR AND EVEN BEFORE THAT WAS THAT GOOGLE STARTED APPLYING ITS WORK IN LARGE LANGUAGE MODELS IN A.I. TO ITS SEARCH ENGINE AND THERE IS A SCHOOL OF THOUGHT THAT REDDIT WAS A BENEFICIARY OF THAT, THAT JUST WITHIN SEARCH, REDDIT BECOMES MORE COMMONPLACE, HIGHER UP, THE RESULTS THAT HAD GIVEN. CAN YOU GIVE US ANY SORT OF GRANULARITY ON HOW THAT'S HELPING YOU IN KEEPING THE REDDITER BASE? STEVE: THESE ARE THE THINGS THAT REDDIT PROVIDES. AND SEARCH ENGINES LIKE GOOGLE 10 YEARS AGO, LAST YEAR OR TODAY, TOMORROW, HELP PEOPLE FIND THAT CONTENT ON REDDIT THAT THEY'RE LOOKING FOR. THOSE ANSWERS THEY'RE LOOKING FOR. THOSE COMMUNITIES THEY'RE LOOKING FOR. I LOOK AT THIS AS NATURAL EVOLUTION. SEARCH ENGINES ARE GETTING SMARTER, THEY'RE GETTING BETTER, THEY'RE GETTING MORE EFFECTIVE, WHICH MEANS THEY'RE GETTING MORE EFFECTIVE AT HELPING USERS FIND WHAT THEY'RE LOOKING FOR ON REDDIT, WHICH OF COURSE, BENEFITS OUR PLATFORM AND OUR BUSINESS. AND SO, I THINK THESE ARE ALL I THINK WELCOMED EVOLUTIONINGS BUT REDDIT'S BEEN A NET BENEFICIARY OF SEARCH FOR A LONG TIME. AND I EXPECT THAT TO CONTINUE. CAROLINE: HOW MUCH DID THE I.P.O. HELP DRAW PEOPLE TO THE PLATFORM? HOW MUCH WAS IT THE P.R. EVENT AND BOOSTED SOME OF THE COMMUNITY THERE? STEVE: I'M SURE THAT'S AN ASPECT TO IT IT'S HARD TO SAY. REDDIT PRIMARILY GROWS THROUGH A WORD OF MOUTH ANYWAY. WE DON'T REALLY DO CONSUMER MARKETING. AND SO I THINK ANY TIME WE'RE IN THE NEWS, THAT HELPS AND THE I.P.O. IS A LOT OF NEWS. BUT LOOK, THE REASON I WAS MOST EXCITED ABOUT THE I.P.O. IS THAT WE ARE ABLE TO INCLUDE OUR USERS AS INVESTORS. OUR USERS HAVE THIS DEEP -- THEY CREATE THE COMMUNITY, THE CULTURE, ALL OF THE CONTENT. AND FOR THEM TO HAVE THE OPPORTUNITY TO BE ACTUAL OWNERS, THAT WAS OUR DREAM. AND THAT WAS ONE OF THE MAIN REASONS WE WENT PUBLIC IN THE FIRST PLACE. ED: STEVE, AS RETURNING FOUNDER C.E.O. OF REDDIT, WHAT'S YOUR ONE PERSONAL GOAL FOR THIS YEAR? SOMETHING YOU WANT TO ACHIEVE? STEVE: WELL, WE MAXED OUT TWO OF THEM. WE GOT THE COMMUNITY PUBLIC AND I HAD MY SECOND KID. SO FOR THE REST OF THIS YEAR, I WANT TO DELIVER ON SOME OF THE PRODUCT INITIATIVES THAT I'VE BEEN VERY EXCITED ABOUT. SO, DEVELOPER PLATFORM THEN USER ECONOMY, THE MACHINE TRANSLATION IT IS A WE DISCUSSED. THESE ARE ALL THINGS IN THE

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