Reddit surprised some earlier this year when it revealed it was getting rid of programmatic ads.
The platform made the announcement with little fanfare, simply stating: “programmatic ads are no longer allowed on Reddit” in an ads.txt page.
And while the move away from programmatic may have raised some eyebrows, Reddit’s strong direct advertising offering clearly played a role in the decision.
Upon opening Reddit’s first Australian office last month, Reddit’s VP and President of Global Advertising Harold Klaje told B&T that advertisers are able to leverage the many ‘subreddits’ that exist on the platform to reach customers with specific interests directly.
In an announcement on Friday morning, revealed it had recorded its first $US100 million ($136 million) revenue quarter from direct advertising, a 192 per cent increase compared to the same period last year
Reddit officially turned off programmatic ads on April 30, according to AdAge.
The advertising growth comes as Reddit revealed it had raised US$410 million in series F funding, valuing it at overUS$10BN.
