Everyone’s favourite community-backed social media platform, Reddit is planning to give $1 million back to its users. The website just announced its intention of spending a million dollars on various projects across the platform.
A statement released by the company read, “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.”
“We will be accepting nominations for projects needing anywhere from $1,000 to $50,000 in funding, and selecting grantees based on their creativity, feasibility, and community impact.”
You may have noticed how the statement highlights the word ‘community,’ and that’s by design. Unlike Facebook, YouTube, Snapchat or even TikTok, the website will focus on funding communities instead of individual content creators.
Sure, there seems to be a huge gap between the $1 million pledged and what other platforms have been throwing at their content creators. For instance, Snapchat was spending $1 million a day in the past on creators, and Facebook has thrown in a cheque for a whopping $1 billion on creator-related funding.
In all fairness, though, Reddit’s community is significantly smaller than the platforms. Also, the website has tinkered around with the community funding idea in the past. Just a couple of months ago, Reddit paid for two billboards that were created by winners of a BTS subreddit contest.
Some of the other funding examples include:
r/itookapicture: $5,000 for funding a photography competition
r/Comics: $5,000 for a comic-creation competition
r/Random Acts of Amazon: $5,000 on Christmas presents for 25 children who may be suffering due to financial hardship
r/pan: $5,000 for a nomination-based gifting event for r/pan streamers
( Image credits: Reddit.com )