Reddit’s CEO says the subreddits’ protest had little impact on the platform’s revenue

Reddit CEO Steve Huffman believes the shutdown of thousands of subreddits in response to a change in the platform’s pricing policy will eventually pass. He wrote about this in an internal memo to employees, reports The Verge.

“There’s a lot of noise with this one. Among the noisiest we’ve seen. Please know that our teams are on it, and like all blowups on Reddit, this one will pass as wel. The most important things we can do right now are stay focused, adapt to challenges, and keep moving forward,” said Reddit’s CEO.

According to him, the company expects the return of many subreddits in the near future.

“We have not seen any significant revenue impact so far and we will continue to monitor,” Huffman added.

At the same time, he urged employees to be careful about wearing clothes with Reddit attributes, because it could have negative consequences.

“I am sorry to say this, but please be mindful of wearing Reddit gear in public. Some folks are really upset, and we don’t want you to be the object of their frustrations,” he wrote.

As you know, over 8,000 subreddits have gone private, protesting Reddit’s upcoming API pricing changes. They limit the number of API requests made by third-party clients. This has led to outrage among subreddits, who talk about the significant financial burden of the new policy.

For example, developer Apollo said that Reddit could charge the app about $20 million a year if it operates on the current scale. He eventually announced the closure of Apollo effective June 30.

Other subreddits announced a protest on June 12. They announced their intention to go private for a certain time or until the situation is resolved. For its part, the platform has decided to make an exception to pricing for applications that are accessibility-oriented.