Old emails uncovered in a lawsuit against Valve have revealed that Epic Games CEO Tim Sweeney was previously very disgruntled with the changes to Steam revenue splits announced in late 2018, and went as far as to call Valve "assholes" in a message to president Gabe Newell.
Reddit trumpets revenue source besides ads: Lucrative AI deals
24.02.2024 - 04:03 / tech.hindustantimes.com
Artificial intelligence will become an important part of Reddit Inc.'s business, the company said Thursday in its long-awaited filing for an initial public offering — tapping into a revenue stream that could be both lucrative and controversial.
San Francisco-based Reddit, a platform that hosts conversations on thousands of different topics, makes most of its money by selling ads that appear alongside social content. In its filing, the 19-year-old company outlined another line of additional business: selling that content to companies building ChatGPT-like chatbots.
Big tech companies, like Google and OpenAI, are willing to pay a lot of money for content to improve their large language models, AI software that is built using troves of data. On Thursday, in addition to its public filing, Reddit announced a deal with Alphabet Inc.'s Google, allowing Google's AI products to use Reddit data to improve their technology. Bloomberg had earlier reported the existence of a $60 million AI deal.
“Reddit's vast and unmatched archive of real, timely, and relevant human conversation on literally any topic is an invaluable dataset for a variety of purposes, including search, AI training, and research,” Reddit co-founder and Chief Executive Officer Steve Huffman wrote in the filing, which described such deals as an “emerging opportunity” for the company.
In its S-1 filing, Reddit said that in January it entered into licensing agreements with an aggregate value of $203 million, with terms ranging from two to three years. The company also said that it expected to bring in at least $66.4 million from such deals this year.
AI companies are snapping up licensing deals to feed their models more content. In December, OpenAI inked a deal worth tens of millions of euros with Axel Springer SE, which owns Politico and Business Insider. Such agreements are high-stakes, because AI models are often training on copyrighted information, muddying claims of ownership. For example, the New York Times sued OpenAI in December, alleging copyright infringement.
Training AI models on user-generated data — the kind Reddit hosts — can also come with risks. The content is less reliably accurate than news articles, artificial intelligence researchers say. Reddit “is basically a forum where people post anything,” Giada Pistilli, principal ethicist at Hugging Face, which makes and hosts AI models. “You can find conspiracy theories and any kind of problematic stuff.”
Os Keyes, a doctoral candidate at the University of Washington who studies artificial intelligence and data ethics, said that Reddit could introduce some problematic content into AI systems.
“We've already seen that models are prone to hallucinate facts that don't exist,” Keyes said. They
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