Reddit introduced a contributor program on Monday, which awards customers precise, actual cash for his or her pretend web factors. Now, eligible customers will have the ability to convert their Reddit gold and karma into fiat foreign money (no, not crypto), which is disbursed as soon as per 30 days.
Thus far, the Reddit contributor program is proscribed to customers in the US (to begin, at the very least) who’re over the age of 18 and might confirm their id by way of Persona and Stripe. Accounts should have existed for over 30 days, and solely protected for work posts might be monetized.
This function was leaked about two months in the past in Android Authority, when a reverse engineer discovered knowledge about this system in an APK teardown.
A consumer’s Reddit karma (or variety of upvotes acquired) dictates how a lot cash they’ll earn. To withdraw cash, redditors must earn at the very least 10 gold inside a 30-day interval — in the event that they don’t attain the edge, the stability rolls over. For customers with between 100 and 4,999 karma, they may obtain $0.90 per 1 gold. When you earn greater than 5,000 karma, you may earn $1 per gold.
Twitter (now referred to as X) launched an analogous creator monetization program lately, the place some creators can earn advert income primarily based on the impressions their posts generate. However there are issues that packages like this may incentivize spammy posting, or “engagement bait.”
Reddit can be altering its system for awarding gold. Customers beforehand may purchase cash, which may then be used to purchase gold or different awards, which might be given out to high-quality posts. However Reddit sunsetted the awards and cash system to make gold extra easy. Now, you may long-press the upvote icon within the app, or hover over it on desktop, to purchase gold — costs begin at $1.99 for one gold, and go as much as $49.00 for 25 gold. So, if prime customers earn $1.00 per gold, which means that Reddit retains round 50% of the cost. Whereas these options will begin rolling out on the app, they gained’t be out there on net till later this yr.
These revamped cost packages arrive at a time when Reddit is in tumult, as elements of its consumer base nonetheless stay hostile because of controversial API adjustments, which make it unaffordable for a lot of builders to construct on Reddit. Well-liked third-party apps like Apollo, Reddit is Fun, ReddPlanet and Sync have shut down after these adjustments.
Replace, 9/25/23, 1:55 PM ET with further details about funds.