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Reddit confirms $300M Series D led by China’s Tencent at $3B value

274 points| 0xedb | 7 years ago |techcrunch.com | reply

283 comments

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[+] theNJR|7 years ago|reply
Tencent has a meaningful ownership of American youth.

12% Snap 7.5% Spotify 40% Epic Games 100% Riot Games 100% Supercell 5% Reddit

Hollywood has also been moving in this direction, with a lot of Chinese investment in the studios, and blockbusters adding special scenes with Chinese actors and locations.

What does it mean for America when it's no longer the owner or creator of culture? It's historically one of our largest (and most important) exports. I'm not sure if that claim to fame is a net positive for the world, but the changing of this guard will certainly have a local impact.

I'm just not yet totally sure what it means, broadly.

[+] steve19|7 years ago|reply
Waiting for the API to be turned off to force use of the official app. I am subscribed to lots of niche subreddits and love browsing reddit from my app of choice, but when the day comes that they force me to use the reddit app, I will abandon ship.

They won't care, because they probably make no money off of me.

[+] fermienrico|7 years ago|reply
I've seen Reddit degrade painfully over last 8-10 years. It was full of intelligent comments, insight and unique perspective from people all over the world. Browsing the front page and reading the comments makes me sad that instead of intellectual discourse, we have a 3 billion dollar meme making machine.

I wish to keep HN away from the masses as much as I'd like a broader perspective in the light of how things go with typical social networks. There is no lack of funny things on the internet. Even witty jokes have no place here because slowly and surely it will erode away why HN is a gem of the internet.

[+] curiousDog|7 years ago|reply
I'm probably a luddite but the new reddit ui is downright painful to use.
[+] tzs|7 years ago|reply
...except for the post editor. It is an improvement. If they put the new editor in as an option in the old UI, I'd be quite happy.

But the rest of the new UI? I seriously do not get it. It't not just the look, which is a matter of taste [1]. It just does some weird things that make absolutely no sense to me.

For example, when you go to the comments for a post, it puts them in some kind of overlay window, with the post listing under it. I suppose this is great for quickly getting back to the post listing, as you just have to hit the close X up in the corner and it goes away and you are instantly back.

However, since the post list is still there while reading the comments, if you do a search within the page in the browser (well...in Firefox...I haven't tried in other browsers) it finds hits on the "hidden" post list too.

The good news is that if you open comments, and get this overlay window view, all you have to do is hit refresh. When the page refreshes it gives you a more normal comment view, without it being an overlay on the post list view. So now searching works like you'd expect.

Also, on Edge, scrolling is messed up in the overlay view. Apparently they are handling it themselves in JavaScript for some reason, and it doesn't match native browser scrolling making it feel awkward at best and hard to use at worst. So refreshing to get out of overlay mode also gets you a properly scrolling comment view.

But WHY would they have these two different ways to view comments? It makes no sense to me to have it come up one way, and then have refreshing change it to another way. (My guess is that the first way--the terrible one--is what it is supposed to be all the time, and the refresh thing is a bug).

[1] That doesn't mean I like it...the colors, fonts, styles, etc., of the post list make it hard for me to read efficiently. At first I thought maybe I was just used to the old style, and so to give it a chance I've stuck with the new UI for months and nope, not getting any better.

[+] randlet|7 years ago|reply
I use the "Old Reddit Redirect" FF add on which redirects all Reddit links to old.reddit.com which still uses the nicer old UI.
[+] nineteen999|7 years ago|reply
You probably are, but plenty of non-luddites agree with you.
[+] Simon_says|7 years ago|reply
I have no idea how they rolled that out with a straight face. It's actively user-hostile. But I guess they figure people will get used to anything.
[+] simook|7 years ago|reply
I agree. The previous UI was much better.
[+] faleidel|7 years ago|reply
For anyone interested, I'm making an open source clone of reddit that is federated using activityPub. Everybody can host it's own server and each server can talk to eachother so you can interact with threads and comment from other servers.

The project is in very early stage, but it's usable and lind of cute.

https://moontreeproject.org

[+] colordrops|7 years ago|reply
I think there are multiple projects of this sort. Is there an effort to make sure they are all compatible with each other? Does that even make sense?
[+] farresito|7 years ago|reply
Maybe if they get another $300M round they will be able to afford some designers to fix the abomination that the current design is.
[+] adtac|7 years ago|reply
I think a few DNS records can fix their UI, don't need 300MM for that. Just make reddit.com the same as old.reddit.com.
[+] carboy|7 years ago|reply
I’m done with Reddit. It was a nice ride, but now it’s officially over. They’ve been trying to turn reddit into Facebook, a personal data vacuum, but now it’s going to get ugly.

Considering the valuation, remaining as an unpaid moderator for a reddit sub, is absolutely crazy. Hopefully all the mods up and leave, nothing like letting others get rich from your free efforts.

[+] 0xADEADBEE|7 years ago|reply
While I think this is a little extreme, I understand fully the sentiment behind it.

It's lamentable considering how simple the site is but there exist currently, no good alternatives! I suppose we can attribute that at least partly to the Network Effect. I've been tired of it since the front-end redesign; I grew weary of the dark patterns, the constant nagging to use their app when on mobile, the fact that my back button took me to the top of the page and (most of all, in fact) the overall quality of the threads, so my usage has decreased dramatically over the last 3 months. I suspect I we are no longer longer Reddit's target audience and they will do very well going forward but it's a shame for me at least, that something I've been using for over a decade is fading into background noise.

[+] fortytw2|7 years ago|reply
I also decided it's as good a time as any to rip reddit out of my daily life, after using it for the better part of the last 10 years.

Between the crushing "download our tracking riddled app" / "switch to our shitty new redesign" push recently and massive amount of engineered sponsored content, instead of paid-for advertisement, there's nothing there keeping me interested. This most recent funding round is just icing on the cake.

It's only a matter of time before they go down the twitter path and outright ban third party apps.

[+] chrisper|7 years ago|reply
A lot of the moderators in Reddit are powerhungry or are marketing shills. Since it satisfies their needs I don't think they mind it being not paid.
[+] dymk|7 years ago|reply
You and I both know that's not going to happen. There's no shortage of people willing to moderate subs.
[+] movedx|7 years ago|reply
My advice would be to treat it like a tool: look up what you need, ask questions when you need to, but ignore it the rest of the time.
[+] bitxbitxbitcoin|7 years ago|reply
Where do you find yourself spending your internet time instead?
[+] diminoten|7 years ago|reply
A lot of the replacement sites are trying to do things differently, but honestly at this point a straight clone that does nothing/only the very few most obvious things might just be what's needed, if only because the next company will get a clean(er) slate to work with.
[+] confounded|7 years ago|reply
At least the APIs mean it’s possible to have third-party open-source clients.
[+] scottydelta|7 years ago|reply
Reddit was outraged when the users heard that Reddit was going to take $150M from Tencent but now there is not a single mention of it on the frontpage even after they took double the earlier reported amount.

I cannot help but think if it's the Reddit's censorship is in play here.

[+] baby|7 years ago|reply
Or people don't mind THAT much that a Chinese company has a stake in Reddit. It is probably not going to change much, if not increase relationships between the US and China.
[+] dirtylowprofile|7 years ago|reply
Recently I've been asking more programming help on Reddit because I get more friendly response there compared to Stackoverflow.
[+] bluetwo|7 years ago|reply
Where are the youth of this generation and why are they not creating the next killer platform?
[+] baroffoos|7 years ago|reply
Could it be that this generation of new programmers will never see their new tech invention become meaningful?

If someone creates a new idea and it takes off they either get huge offers from existing companies to buy it or those companies use their huge resources to build a bigger and better version.

In the age of the start of facebook and reddit there were no mega corps taking interest or possessing the talent in these areas.

[+] asdff|7 years ago|reply
Technology companies matured into consumer hostile mammoths, no room for small competition anymore. Build something just good enough to sell off to a big guy and move on. It would be impossible for the events leading to myspace/facebook/reddit to happen again today.
[+] arman_ashrafian|7 years ago|reply
Im a CS undergrad right now and in need of a side project... I'll start right now :)

But for real, the idea of Reddit seems perfect to me its just way to popular now. Maybe a platform where you need to pass some sort of quiz created by the mods of the different communities in order to post/comment? I could see this having lots of issues though.

Also I don't really mind reddit going to shit ever since I found HN a few years ago.

[+] syntaxing|7 years ago|reply
Is there a good alternative to Reddit? I've been a pretty heavy user for almost a decade but they have been disappointing these past couple of years. I hate how their "principles" aren't consistent. They ban certain subreddit for certain violation while keeping others that fit the same exact category. They never provide an answer to the commuity either. Where do I go to now?! HN is my only safe haven left...
[+] Sendotsh|7 years ago|reply
I'm still on half a dozen different forums. A few general chat ones, and a few specific to hobbies/interests.

If anything, the quality of them has gone up since most of the "I just want lulz" people went to reddit. The software is better than ever too, with Discourse and XenForo adding modern web features.

There's also a few "new reddits" like Tildes which are quite good.

No single one of the above replaces reddit as a whole, but combined I find it much more enjoyable than reddit these days.

[+] anfilt|7 years ago|reply
People used to host forums dedicated too a topic. Forums are still a thing... Reddit, is just a forum of forums...

Why do we need centralized forums anyways?

[+] jliptzin|7 years ago|reply
As a site that derives the vast majority of its value from the contribution of its users it is a shame that they didn't open at least some level of participation in this round of funding to its users.
[+] yumraj|7 years ago|reply
It doesn't say if Tencent gets a board seat or not. Without a board seat the impact should be less...
[+] peter_retief|7 years ago|reply
Tencent is part owned by Naspers, originally a local South African media company who by some accounts have played a big part in the Tencent's success Quote from Reuters Founded in 1915, Naspers has transformed itself from an apartheid-era newspaper publisher into a 1.5 trillion rand ($127 billion) multinational with private equity-style investments in e-commerce platforms that also include OLX, the biggest classified sites in India and Brazil, and Russia’s Mail.ru.
[+] puranjay|7 years ago|reply
Maybe they'll use that money to finally teach their engineers some CSS media queries and build a mobile website that isn't completely trash
[+] stunt|7 years ago|reply
Sorry but I don’t understand some of these arguments here! Not talking about this particular case, but I saw the same arguments many times.

A lot of businesses in EU and Asia are owned or invested by US companies in many different industries. Why are people so offensive when it is other way around?

I’ve worked with Chinese! Let’s not blame all Chinese because of what their government is doing.

[+] samstave|7 years ago|reply
What we need to see is if people like /u/gallowboob get any of this funding
[+] zethraeus|7 years ago|reply
This is a hilariously petulant article.
[+] peteretep|7 years ago|reply
I don’t know what it means for America, but what it apparently means for China is no more Chinese villains in films for an international audience
[+] throwaway46e21|7 years ago|reply
Honestly, as an Asian American, I actually prefer the villain characters as opposed to the new “sidekick/background” character trope.

Hollywood writers and producers still know how to marginalize these new Chinese characters and unfortunately, it seems the Chinese audience is still naive to it.

At least the villains had agency. These new Chinese sidekicks only purpose is to serve the “American” hero.

[+] colanderman|7 years ago|reply
Or references to the sovereign nation of Taiwan, or the Dalai Lama or Tibet.

Allowing such an oppressive government to control so much of our cultural mindspace is quite chilling.

[+] jeffdavis|7 years ago|reply
Do you have evidence of this?