Shu also tells me that RIF was paying a “sizable revenue share” to Reddit beginning in 2012, which was during Yishan Wong’s tenure as CEO. Shu says he says initiated the talks with Reddit to create the agreement, which allowed for the licensed use of Reddit’s trademarks. (At the time, the app was called “reddit is fun.”) Shu says Reddit terminated the agreement in 2016 — which was the year after Huffman took over as CEO.
Holy shit the lede was a little buried from the title.
RIF had a revenue-sharing agreement with Reddit starting in 2012, and they had a working model to ensure that Reddit was compensated - and profited from - the API usage. RIF voluntarily worked out a deal to share it’s revenues back to Reddit. That deal was terminated after Spez took over as CEO, under his watch, and that cancellation is big enough that it absolutely would have gone via the CEO for approval. Spez decided to turn down the revenue share agreement with RIF, only to come back seven years later and complain like Reddit was somehow being taken advantage of due to the costs of app API usage.
What an absolutely meaty disclosure: the same problem Spez is complaining about now is a problem he personally caused shortly after rejoining Reddit.
OOOOHHH… I remember the name change. (I use/d RIF for the extent of my Reddit tenure) didn’t realize it was a revenue share. I thought (or gathered) that Reddit wanted the “Reddit” app to be the only one named that on the Play Store…
So… Spez lied again. Please raise your hand if you’re surprised?
Also they had a revenue sharing agreement that Reddit terminated in 2016 after Spez became CEO again?
Also they had a revenue sharing agreement that Reddit terminated in 2016 after Spez became CEO again?
That part is easy to understand, RIF licensed the Reddit name and logo and called itself “Reddit Is Fun”, then Reddit bought AlienBlue, made it their own app, and didn’t want to license the name to Reddit Is Fun anymore.
Reddit bought AlienBlue, yes, but it didn’t turn it into their own app. Their app doesn’t even closely resemble AlienBlue. I still have no idea why they purchased it since they never used it.
I’m really glad the media is covering this and exposing the blatant bullshit he is spewing. Not like it’ll change anything — and Reddit is dead to me — but hopefully this continues to chip away at whatever valuation the site has left.
its almost like spez wants to kill reddit. kind of hard to lie in 2023.
Dude is just all in on being a jerk. Her needs to cool it.
Whaaaat? Spez wouldn’t just go on the Internet and lie, would he?
Of course not! Only a deranged individual who is completely divorced from reality would do such a thing!
Yo shoutouts to the Verge’s journalists. Theyve been documenting this whole debacle its crazy. Usually news articles arent that relevant in my day to day life so im surprised theyve been watching every development.
cus Reddit generated all their content lol
