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Reddit announced Monday that it has raised $300 million at a $3 billion valuation, up from a $1.8 billion valuation in 2017, when the company took in a $200 million investment.

Expand chart
Data: News reports; Chart: Harry Stevens/Axios

Why it matters: Reddit has focused its efforts over the past year on cleaning up its platform to build a better advertising model.

  • The 23-year-old social platform has been criticized in the past for lax regulation around hate speech, piracy, harassment, and even more recently, election interference — things advertisers don't like to be associated with.

Between the lines: Reddit has roughly 330 million monthly active users (MAUs), which means it's about the same size as Twitter — but its efforts to monetize those users haven't been great yet.

By the numbers: CNBC reports that the company's annual revenue is roughly $100 million, meaning each user is worth around 30 cents. By comparison, average revenue per MAU, as of the fourth quarter of 2018...

  • Facebook: $7.37
  • Twitter: $2.83

A big part of Reddit's value to advertisers is the demographic of its audience, which is mostly users ages 18–34. On its website, Reddit says 63% of its users are under 25 and 87% are under 35.

The big picture: The company has pushed aggressively over the past year to both clean up its site and focus on more lucrative advertising opportunities, primarily video.

  • The company said last year that it was averaging over 1 billion native video views and almost 1 million video uploads each month on its platform.
  • It credits a recent redesign for being a significant driver for adoption for both video creators and consumers, saying that the redesign helped foster 50% increase in video posts over the "old" Reddit.

Tune in: Reddit co-founder Alexis Ohanian will sit down with Axios' Dan Primack today on his Pro Rata podcast. Follow Dan on Twitter to check it out once it's posted this afternoon.

Go deeper: Reddit's rising popularity as a news platform

Go deeper

Ina Fried, author of Login
1 hour ago - Technology

Epic's long game against Apple

Illustration: Sarah Grillo/Axios

Epic's Apple lawsuit is costing the company dearly, but the game developer has its eye on a valuable long-term goal: prying tomorrow's virtual worlds loose from the grip of app store proprietors like Apple.

Between the lines: Epic isn't spending a fortune in legal fees and foregoing a ton of revenue just to shave some costs off in-app purchases on today's phones. Rather, it's planning for a future of creating virtual universes via augmented and virtual reality — without having to send a big chunk of their economies to Apple or Google.

Updated 1 hour ago - Health

The race to avoid a possible "monster" COVID variant

Illustration: Rae Cook/Axios

Slow global COVID-19 vaccination rates are raising concerns that worse variants of the coronavirus could be percolating, ready to rip into the world before herd immunity can diminish their impact.

Why it matters: The U.S. aims to at least partially vaccinate 70% of adults by July 4, a move expected to accelerate the current drop of new infections here. But variants are the wild card, and in a global pandemic where only about 8% of all people have received one dose, the virus will continue mutating unabated.

Caitlin Owens, author of Vitals
2 hours ago - Health

Democrats are still looking for a plan on drug prices

Illustration: Rae Cook/Axios

Democrats have no workable plan to tackle the cost of prescription drugs, even with full control of Washington and after campaigning on the issue for years.

The picture: Voters still care about the cost of drugs, but Democrats don't have a feasible legislative strategy yet — or an agreed-upon policy to fit into a legislative strategy.