Reddit has struck a deal with Google that allows the search giant to use posts from the online discussion site for training its artificial intelligence models and to improve products such as online search.
The arrangement, announced Thursday and valued at roughly $60 million, will also give Reddit access to Google AI models for improving its site search and other features.
Separately, the San Francisco-based company announced plans for its initial public offering Wednesday. In documents filed with the Securities and Exchange Commission, Reddit said it reported net income of USD 18.5 million its first profit in two years in the October-December quarter on revenue of USD 249.8 million. The company said it aims to list its shares on the New York Stock Exchange under the ticker symbol RDDT.
The Google deal is a big step for Reddit, which relies on sometimes contentious volunteer moderators to run its sprawling array of freewheeling topic-based discussions. Those moderators have publicly protested earlier Reddit decisions, most recently blacking out much of the site for days when Reddit announced plans to start charging many third-party apps for access to its content.
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But it is also highly significant for Google, which is hungry for access to human-written material it can use to train its AI models to improve their understanding of the world and thus their ability to provide relevant answers to questions in a conversational format.
Google praised Reddit in a news release, calling it a repository for an incredible breadth of authentic, human conversations and experiences and stressing that the search giant primarily aims to make it even easier for people to benefit from that useful information.
Google played down its interest in using Reddit data to train its AI systems, instead emphasizing how it will make it even easier for users to access Reddit information, such as product recommendations and travel advice by funneling it through Google products.
It described this process as more content-forward displays of Reddit information that aim to benefit both Google’s tools and to make it easier for people to participate on Reddit.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Feb 23 2024 | 9:38 AM IST
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