Everything is an advertising business, even Reddit. According to the company’s S-1, 98% of its revenue comes from advertisements, and while the company was founded in 2005, it wasn’t until 2018 that it says it “meaningfully” invested in its ads business.
It was around that time that Jen Wong joined the company as chief operating officer, overseeing Reddit’s business strategy, including its ads business.
Marketing Brew sat down with Wong to talk about her vision for advertising on Reddit, as well as the platform’s new shoppable ad inventory.
This interview has been lightly edited and condensed for clarity.
In 2018, shortly after you were hired, you told Digiday that ads would be a big business for Reddit. How has your strategy evolved since then?
We have always been a community platform. Six years ago, the word “community” was not quite the buzzword it is today. It took some time to establish what community is, even though we’ve been doing it for 19 years...Social [media] is transacted based on demographic profiles. And we’re not that. It took a while for us to establish [that] our proposition is about being the best in context and interests.
Some media buyers have told us that Reddit is a nice-to-have and not a need-to-have. What are your goals for the ads business?
Well, we are going to be a need-to-have, and I would argue we are a need-to-have because we already have users and people and customers that you can’t find anywhere else. Our goal is, obviously, to be a must-buy for thousands of advertisers…We cover every topic on the planet. There’s no reason why you can’t be an advertiser on Reddit.
Read more here.—RB
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