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Social media platform Reddit has signed a deal with Google to provide its content to train the company’s artificial intelligence models, three people familiar with the matter said.

According to sources, the contract with Alphabet-owned Google is worth about $60 million (about 497 million rupees) per year.

The deal highlights how Reddit, which is preparing for a high-profile stock market launch, is seeking to generate new revenue amid fierce competition for advertising dollars from the likes of TikTok and Meta Platform’s Facebook.

The source is not authorized to speak to the media and declined to be identified.

Reddit and Google declined to comment.

Bloomberg previously reported Reddit’s content deal without naming the buyer.

Last year, Reddit said it would charge companies for access to its application programming interface (API), the means by which it distributes content. This contract is Google’s first deal with a large AI company.

San Francisco-based Reddit, which has been watching its stock flow for more than three years, is preparing to file an initial public offering this week, detailing its financials for the first time to potential IPO investors.

Two sources said documents could be submitted as early as Thursday.

The company, which values ​​the company at around $10 billion (about Rs 82,897 crore) in its 2021 funding round, is looking to sell about 10% of its shares in the public offering, Reuters had previously reported.

Reddit’s stock market launch will be the first IPO by a major social media company since Pinterest went public in 2019.

AI model makers have been busy in recent months striking deals with content owners aimed at diversifying their training data beyond large scraps of the internet. This practice is fraught with potential copyright issues, as many content creators claim that their content has been used without permission.

Founded in 2005 by web developer Steve Huffman and entrepreneur Alexis Ohanian, Reddit is known for its variety of niche discussion groups, some of which boast tens of millions of members.

© Thomson Reuters 2024

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