The Market Doesn't Understand Reddit: Here's Why

Citation share and absolute platform usage paints a story that fundamentally misreads Reddit's true strengthening position for both advertisers and language model usage

Much of the market is still fighting yesterday’s meme: that text-based social platforms are dying, that large language models have pulled all the oxygen, and that Reddit’s slowdown in DAU growth or decline in API citations signals structural decay.

This view is outdated. It reflects a surface-level read of platform metrics and misses the deeper shift in how digital content now creates value.