Jeremy Goldman, senior director of client briefings at eMarketer, commented on Reddit's new advertising tools: "You get brands to spend more time on the platform. When TikTok launched things that were similar, it helped brands that were on the fence get more comfortable with the platform, and then they started to spend money." This illustrates how Reddit's innovations are making brands easier to engage with.
In the Q3 2024 earnings call, COO Jen Wong remarked on advertising as a growth point: "We bring on thousands of new advertisers every quarter, which are seeds that are planted for the future," reflecting on the long-term strategy behind Reddit's investment in advertising.
Reddit's new tools, like the Ask Me Anything-themed ads and Pro Trends tool, aim to enhance engagement: "These features are meant to sweeten the ad deal and pull brands closer to the community discussions happening on the platform," indicating a strategic push to integrate advertisement with user content.
Despite fierce competition, Reddit's advertising revenue has seen a notable increase: "Reddit noted 56% year-over-year growth in advertising revenue, and while EMarketer predicts a slight decrease this year, growth still signifies an effective advertising strategy for the platform."
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