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.

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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

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"Hamilton" is a streaming hit for Disney+

Data: Google Trends; Chart: Andrew Witherspoon/Axios

The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.