Reddit in an announcement last week said it will spend $1 million to fund various projects across the platform.
Reddit mentioned, “We will invite communities to submit ideas for projects, events, contests, giving, almost anything you can think of to bring people together for inspiration and delight.” Now Projects can get around $1,000 and $50,000, and Reddit will start issuing these grants in June.
This is identical to creator funds released by Facebook, Snapchat, TikTok, YouTube, and Spotify to people using their platforms.
Compared with other social media platforms Reddit’s commitment is small. Facebook offers to spend $1 billion, and Snapchat is offering $1 million a day for creators on their platform. There is no scarcity when it comes to hosting your content online, but the best way to get them on your platform is to back them with tons of money.
Reddit is a non-creator-based platform and its users are not individual users. It’s the subreddits that try to help groups do stuff without over-involving themselves in the process.
Earlier Reddit has experimented with the Community Funds idea. They have paid for two billboards showcasing art from winners of a BTS subreddit contest and paid the prize money for a couple of other competitions. Further, it went on to help the Random Acts of Amazon crew buy kids Christmas presents and funded several other projects.
The current initiative may help create its own viral hits, like the BTS billboards which were a huge hit and be a win-win situation for Reddit and its community-first story.
Earlier Reddit introduced the Community Funds test last fall, it said, “online conferences, outdoor festivals, workshops, books, magazines, cultural or heritage programs, short films or musical productions.” Since then Reddit users have also demanded money to give away Costco memberships. money for cat calendars, money to give away Lord of the Rings books, and money for equestrian welfare in Ukraine. It going to be interesting to watch numerous projects on Reddit in the future.