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In other news, spez's compensation from reddit last year was $193 million, and it's COO got a cool $93 million.
C'mon, spez, tell us again how horrible it's been that reddit's never made a profit.
So Reddit charges users to create content (paid premium or by showing ads). And then it sells that content.
Making money both going and coming.
And it also asks reddit users to invest in reddit
loool
I wonder if there is any legal standing for users to sue Reddit for a fair share of those profits. That’d be nice if it could happen. But i suspect, probably not.
Their TOS says they own your content in any current or future formats or derivative works.
I’d say Reddit would win.
Their TOS says they own your content in any current or future formats or derivative works.
Their ToS could say they own you and your children and grandchildren, but that doesn't make it enforceable.
If I post a frame from the movie Akira on Reddit would any reasonable person suggest that they own not only that frame, but also the entire movie that it came from as a derivative work? There is a glut of second-hand data just like that all over Reddit, Twitter, and every other social media network, and I'm willing to bet that's also part of what's being sold.
But hey... I'm not saying you're wrong, just that the idea that they automatically "own" the things that people post on their website is ridiculous. It's a bit like UPS or FedEx saying they own the contents of your package while delivering it.
The TOS shouldn't hold up in court. A contract must be an exchange of two things, eg money for a product or service. You can't say "Our service is free of charge!!!" And then in the fine print "(((But also you agree to give us everything we can take free of charge)))".
The issue is how everyone does it. Facebook and Google started when data had no value, now they're amongst the wealthiest businesses in the world. Now, Microsoft have joined in, *even though you already pay for their products and services anyway!"
However, the other aspect is that everyone is a victim. Lawmakers are the victim. They still haven't quite yet realised how much is being taken from them (at least $50 per year, probably more like $1,000 per year if not more for prominent figures) but they are still being abused.
It's like that form of bank fraud, where the criminal takes pennies from accounts, hoping the user won't notice and the bank will write it off. Do it to enough people and enough times and you can make millions. They do this to everyone and they make billions.
Either the data is public domain and they don't have to pay for it, but also cannot charge others for it, or the data is private and they must pay the author a fair share.
Yeah, probably not. When you sign up and agreed to their ToS, they don't "own" your content, but you grant them a worldwide, royalty-free, perpetual, irrevocable, non-exclusive, transferable, and sublicensable license to use it without compensation.
From their ToS:
Any ideas, suggestions, and feedback about Reddit or our Services that you provide to us are entirely voluntary, and you agree that Reddit may use such ideas, suggestions, and feedback without compensation or obligation to you
Source: A pretty good post on r/HFY, though it is on Reddit, so don't click it if you don't want to :P
But how many TOS have been shot down because they over reach? I don’t know. You’re probably right. It it’s still fun to imagine.
There is legal standing, IMO. You can't take something without consideration, and access to the website was granted free of charge while the data collection was squirrelled away in the fine print. That isn't a lawful contract, the fine print is for technicalities about the main transaction of X in exchange for Y. You can't say "we'll give you X for free!!!” then sneak into the fine print "(((you also give us Y for free)))". The structure is clearly deceptive in a manner that is designed to prevent a fair assessment of the value being exchanged.
Insurers have to provide a "key facts page" where they summarise in plain English what you're paying for. The fine print gives the detail, but the front page is still "we give you X in exchange for Y".
You can't build a car without paying for the nuts and bolts. Tech companies have placed themselves amongst the wealthiest businesses in the world without paying for the nuts and bolts we provide.
Hell, even Microsoft is in on it now, even though you pay for Windows and Office 365!
... and thats why Wikipedia is non-profit.
Seeing human (even shitpost) achievements get monetized (in the most sucky manner) one by one is sad af.
So just enough to cover what it payed the CEO last year? ($192 million)
Lmao the ratfuck CEO is making his money alright. What a little weaseling coward. He spend so long jealous of his co-founders who got paid and left early, that he probably sees this as his gold parachute.
I hope my fuck Spez comments are useful.
Now AIs will fuck Spez for all eternity.
Millennia from now Fuckspez! will be the standard greeting between all sentient species in the galactic federation. It will be even used in machine code as a handshake for establishing initial contact between two subspace relays.
Reddit says it's made $203M so far licensing ~~its~~ our data
Fixed that for them.
There's your "tragedy of the commons" fallacy on a stick, folks - the proles where managing reddit so well that huffman had to break it in order to make it more vulnerable to the parasites.
It's data?! You mean our data
This is helpful of them, once the EU court fines them, we can quickly calculate how much that will be.
These are totally the signs of a stable and profitable company.
I wonder if they will ever consider paying the users for the content they provide that constitutes "its" data. 🤔
A good reminder to go back and edit all your comments to [removed] if you didn't do so when you first left.
Spez will be happy to know his payout is covered, company is still going to be broke though.
How? They're under heavy scrutiny from the FTC over the $60M/month Google deal. Where did the extra $140M come from?
Probably doesn't matter, but this is why I deleted my account instead of just locking it up.
With google being the partner i bet the deal wont mention they cant use older backups of reddit that they most certainly have.
This is why we need better data laws in the US. If I want everything I've ever said on your site to disappear both instantly and forever, I should have that option.
I'm sure you're right about that. All parties involved are scumbags, after all.