Forum-based social media platform Reddit has reportedly struck a deal with Google to allow the tech giant to use the content found on its platform to train its AI models.
Reddit is a treasure trove of content that’s driven by its huge community. Knowing that, it’s not surprising to know that Google is paying Reddit $60 million USD (roughly $80.9 million CAD) per year to use its data.
Reuters sources the information to three people familiar with the matter. “The sources were not authorized to speak to media and declined to be identified,” wrote the publication.
In April last year, Reddit decided to charge companies for access to its application program interface (API). It introduced a premium access point for third parties to access Reddit’s APIs to train their models. According to Reuters, the deal with Google is Reddit’s first reported deal with a big AI company.
Further, rumours indicate that Reddit intends to go public this year, and the deal with Google is a way for it to boost its revenue.
According to rumours, some loyal Reddit users will have the opportunity to buy the platform’s shares at its IPO price before it starts trading.
Source: Reuters
